Wednesday, July 6, 2011

Platinum (PL) Finding Resistance 7/6

To the left is a 4 hour chart of Platinum (PL) futures. It looks like it has run into a confluence of retracements (shown in yellow and purple) around the 1751-1758 level and showing some high candle wicks running up to those levels. It also has formed some divergence with the MACD between its peak on 6/29 with its peak overnight as shown in green. With price already reacing off this level and the divergence, it might be a little riskier just to jump in, but I think its worth a small shot as we could be heading below 1666.

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