Hello Everyone
I observed a head and shoulders pattern on the platinum daily chart. RSI is currently showing to be overbought and although the general trend is still bearish with the head and shoulders drop to have only come to half way of its expected measure move, there will be a bounce off the 200 week moving average. Not sure if this will break the head and shoulders and reverse the entire trajectory of the chart or is the drop will continue. Price will run into resistance on the $1680 to the $1686 price point.
I observed a head and shoulders pattern on the platinum daily chart. RSI is currently showing to be overbought and although the general trend is still bearish with the head and shoulders drop to have only come to half way of its expected measure move, there will be a bounce off the 200 week moving average. Not sure if this will break the head and shoulders and reverse the entire trajectory of the chart or is the drop will continue. Price will run into resistance on the $1680 to the $1686 price point.
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Sorry Everyone, this chart is actually Palladium (PA) not Platinum (PL)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.