• Platinum reversed from support zone
• Likely to rise to resistance level 1050,00
Platinum recently reversed up from the key support zone located between the lower weekly Bollinger Band and the 50% Fibonacci correction of the weekly upward impulse from the start of March. The upward reversal from this support zone stopped the previous short-term downward impulse wave 1 – which belongs to the higher order weekly impulse wave (C) from July.
Given the weekly uptrend and the deeply oversold reading on the weekly Stochastic indicator – Platinum can be expected to rise further toward the next resistance level 1050,00 (former support which stopped the previous correction (A) in July).
