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.