Re-release of Weekly Technical
- Platinum continues to consolidate either side of the 7 WMA at $1,213 – a sign of sort-term indecision.
- The stochastics, MACD and momentum are all heading higher, signalling reduced downside strength.
- The BBs are coverging – breakout pressure is rising.
- Platinum is testing support below the 7 WMA on reduced selling strength.
- The price divergence signals a potential price reversal.
- Failure to stay below the 7 WMA would confirm a shift in short-term pressure to the upside, turning us neutral-positive – we would then cite resistance from the DTL as the next upside target.
- Failure to break resistance from the 7 WMA, however, would tell us that further consolidation is required while breakout pressure builds.