• Platinum reversed from support area
• Likely to reach resistance level 1200.00
Platinum recently reversed up from the combined support area located between the key support level 1122.00 (former strong resistance from January), the lower daily Bollinger Band, support trendline of the wide up channel and the 38.2% Fibonacci correction of the upward impulse from November. The upward reversal from this support area stopped the (c)-wave of the previous minor ABC correction 4 from the middle of February.
Given the improvement in the global risk sentiment, the prevailing uptrend and the oversold reading on the daily Platinum chart – the price is likely to rise further the toward the next resistance level 1200.00 (top of the previous wave (b) from last month).