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Platinum Wave Analysis – 06 May, 2019

Platinum Wave Analysis – 06 May, 2019
  • Platinum reversed from support area
  • Further gains are likely

Platinum recently reversed up from the support area lying between the support level 850.00, lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from February.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing – standing outside of the lower Bollinger Band (strong bullish signal).

Platinum is expected to rise further and re-test the next resistance level 880.00 (former support from April).

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Source: FxPro


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