Technical Analysis - Platinum - Rebounding, looks constructive

William Adamswilliam.adams@fastmarkets.comHead of Research+44 (0)20 7264 2489

Short term:
Medium term:
Long term:

Resistances:
R1	1684 Former UTL
R2	1717.75 Recent high
R3	1737 Feb peak

Support:
S1	1684 UTL
S2	1595.75 Recent low
S3	1517 50 DMA

Stochastics:
Turns bullish again

Legend:
MACD = Moving average convergence divergence DMA = Daily moving average BB = Bollinger band UDTL = Uptrend line

Analysis

Having shot higher to $1,717.75, palladium consolidated by pulling back to $1,595.75.
Prices have now started higher again and have punched through the top of the bull flag in the process, which looks bullish.
The stochastics are striving higher too and, although the MACD has crossed lower, downward momentum has not increased so it could easily turn higher again.

Conclusion

The market looks robust - the dip was well supported and another uptrend seems to be gathering steam again.

All trades or trading strategies mentioned in the report are hypothetical, for illustration only and do not constitute trading recommendations.

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