Platinum is to drop soon

Platinum is to drop soon

On the H4 chart of Platinum, the price has been rising since last Tuesday. Today, it seems to be continuing the upward direction, but it may not be for long. The RSI and Stochastic Indicators are both in the oversold zones, which means soon a downturn may take place. The Stochastic Indicator’s slow line has already crossed the fast one upside down. Therefore, the bears need to wait for the RSI to cross the 70% upside-down to have a secondary confirmation to open shorts. When the price approaches the resistance level of 932.20, it is very likely to bounce back down. For this scenario, the support levels may be placed at 889.04 and 866.80, while an additional resistance level may be located at 954.57.



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USD/BRL has started the week with a substantial move to the downside. The pair formed a lower high last week, thus the price action strongly resembles the “Head and Shoulders” pattern.

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