Platinum upside channel continuation after the correction
The Monthly Platinum chart is showing that the instrument has formed Andrew’s Pitchfork long-term upside channel and had a bounce from 600 after which is correcting lower from median line rejection. We need to see a break above 1030 to see the bounce continuation higher to 1300 again.
On an H8 chart, we can see a new downtrend Pitchfork channel formed and the instrument is breaking above the uptrend resistance line. We just need a break above 1030 for a high probability long trade entry with a stop loss below 1000 to target 1200 at least. The Fibonacci projected targets are 1118 and 1228.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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