Platinum Setting up for a Continuation?
Platinum continues to see support from $829.20.
Hi traders, looking at Platinum’s daily chart we can see price continues to hold above support seen at $829.20. This level has held support since the 28th of May. Price formed a new higher low this week maintaining the idea of support and demand.
Below that level, we see support at S1 and resistance at R1 and R2. These two levels may come back into focus if we see buying continue with a new leg higher. The moving averages remain bullish with a reasonable angle and the Williams has formed a higher low after the higher low in price (2nd of June).
Going forward we would like to see today’s bar continue higher showing buyer control. A higher close starts to show support of a continuation pattern. We would also like to see the Williams cross to the 50 level in order to back up current buyer momentum. If today’s bar fails and we see a move below $829.20 – $826.70, it starts to put some doubt on current buyer momentum and more time would be needed for a new evaluation.