By Anton Eljwizat
The platinum prices are once again dropping, and it is currently traded around $1770 an ounce. However, there is much technical data that supports a bullish move for today as described below. Forex traders involved with commodities like this can take advantage of this knowledge by going long on platinum now, and at a great entry price!
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: There is a “doji” candlestick formed in the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic shows a fresh bullish cross which may indicate an impending bullish movement.
• Point 3: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 4: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
Platinum 8-Hour Chart
Forex Market Analysis provided by ForexYard.
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