Platinum Futures (PL1!) H4 | Overlap Resistance at 61.8% Fibonacci Retracement
Platinum Futures (PL1!) H4 | Overlap Resistance at 61.8% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 1,042.20
Pivot: 989.60
Support: 934.80
Preferred Case:
Looking at the H4 chart, my overall bias for platinum futures (PL1!) is bearish due to the price approaching an overlap resistance that aligns with a 61.8% Fibonacci retracement. In addition, the momentum indicators such as the RSI and stochastic oscillator suggest a potential 'overbought' condition. The price could reverse off the Pivot and fall towards the 1st Support at 934.80.
Alternative Scenario:
Price may break above the Pivot at 989.60 and rise towards the 1st Resistance at 1,042.20.