• Platinum formed weekly Shooting Star
• Likely to fall to support level 1026.00
Platinum continues to fall sharply after the price formed the weekly Japanese candlesticks reversal pattern Shooting Star from the resistance area located between the resistance level 1100.00, upper weekly Bollinger Band and the resistance trendline of the weekly up channel from the start of March. The downward reversal from the resistance area stopped the previous multi-month upward impulse wave (C).
Given the strength of the aforementioned resistance area and the earlier reversal in the risk sentiment across the commodities markets – Platinum is expected to fall further toward the next support level 1026.00 (previous weekly low from the end of last year).
