Platinum Prices Bounce After Nearly Breaching Triangle Support
Platinum prices bounce off Symmetrical Triangle support after nearly piercing below the key level. The falling 50- and 100-day Simple Moving Averages may cap upside within the triangle, with the 61.8% Fibonacci retracement sitting above those SMAs. A fresh low following the September swing low points at a bearish bias within the triangle, but overall the neutral posture remains.
The MACD and RSI oscillators are showing positive momentum. Triangle resistance may prove a hard level to break with confluent resistance offered by the falling 200-day SMA if prices rally. A reversal lower would warrant caution given the recent test of support.
The MACD and RSI oscillators are showing positive momentum. Triangle resistance may prove a hard level to break with confluent resistance offered by the falling 200-day SMA if prices rally. A reversal lower would warrant caution given the recent test of support.