- Analytics
- News and Tools
- Market News
- Platinum: The risk of a corrective rally is high - Commerzbank
Platinum: The risk of a corrective rally is high - Commerzbank
FXStreet reports Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank notes that platinum has met the initial downside target offered by the 200-week ma at $929. However, this coupled with a triple divergence of the daily RSI suggests that the down move has been exhausted for now.
“Platinum has met its initial downside target of the 200-week ma at $929. The market has traded through here but the new low of $901.68 has not been confirmed by the daily RSI again and this is now triple divergence.
“Rallies will find the 55-day ma at $1029 now offers decent resistance and the market will need to regain $1046 (January 2020 high) to reassert upside dominance."
“A close above $1046 is needed to negate the current push lower and allow for a deeper recovery to the 200-day ma at $1127.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
