Platinum FUTURES (PL1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 883.8
Pivot: 858.9
Support : 833.2
Preferred Case: On the H4, with price going within the descending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 858.9 where the overlap support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 833.2 where the swing low is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 883.8 where the overlap resistance, 23.6% fibonacci retracement are
Fundamentals: China recently announced the YoY industrial activity figures for July, falling to 3.8% from 3.9% in June, which is quite disappointing. Specifically related to mining, industrial activity in China dropped from 8.7% in June to 8.1% in July, which further dampened platinum prices.
Resistance : 883.8
Pivot: 858.9
Support : 833.2
Preferred Case: On the H4, with price going within the descending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 858.9 where the overlap support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 833.2 where the swing low is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 883.8 where the overlap resistance, 23.6% fibonacci retracement are
Fundamentals: China recently announced the YoY industrial activity figures for July, falling to 3.8% from 3.9% in June, which is quite disappointing. Specifically related to mining, industrial activity in China dropped from 8.7% in June to 8.1% in July, which further dampened platinum prices.