By Anton Eljwizat – Platinum prices have dropped significantly in the last few days as the commodity currently trades at $1467. The current bearish trend is expected to come to an end anytime soon, and a bullish correction may be in the making as described below. Traders are strongly advised to take advantage of the trend at an early stage.
• Point 1: The RSI signals that the price of this pair currently floats in the over-sold territory, suggesting upward pressure.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Williams Percent Range has peaked near at the -100 marker, which means that there may actually be a strong level of upward pressure.
• The volatile downward movement which occurred prior to this upward correction has generated these indicators, and there appears to be room for this correction to continue.
Platinum 4-hour chart
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