• Platinum reversed from resistance area
• Likely to fall to support level 1200.00
Platinum recently reversed down sharply from the combined resistance area lying at the in resection of the resistance level 1350.00, upper daily Bollinger Band and the resistance trendline of the wide daily up channel from the start of November. The downward reversal from this resistance area created the daily reversal pattern Dark Could Cover – which started the active minor correction (ii).
Given the overstretched nature of the active impulse wave 3 from the end of January and the deterioration of the risk sentiment across the commodities markets today – Platinum is likely to fall further toward the next support level 1200.00 (target price calculated for the completion of the active minor correction (ii)).