XPTUSD Price Analysis – May 18
There is a tendency for the price to pullback and retest the broken level. In case the Bears maintains or increase their pressure, the Platinum price may decline down to $776 level.
Supply levels: $833, $898, $962
Demand levels: $776, $714, $657
XPTUSD Long-term trend: Bearish
XPTUSD is bearish on the weekly chart. The Bears came out with full strong momentum last week; this is clearly seen on the weekly chart as a strong bearish candle formed last week and the market closed with that bearish momentum. Platinum price has broken down the demand level of $833, currently facing $776 level.
Platinum has broken down the 21 periods EMA and 50 periods EMA downside as a good sign of bearish movement on the weekly chart. The Stochastic Oscillator period 14 is at 60 levels with the signal lines bending down to indicate sell signal. There is a tendency for the price to pullback and retest the broken level. In case the Bears maintains or increase their pressure, the Platinum price may decline down to $776 level.
XPTUSD medium-term Trend: Bearish
On the medium-term outlook, XPTUSD is Bearish. The price bearishly broke out of the descending channel last week. It penetrated the $833 level downside and the price exposes to $776 level. On the daily chart, the market closed with a bearish candle which indicates that bearish trend may continue in the Platinum market.
Platinum price is currently trading below the 50 periods EMA and 21 periods EMA which indicates a bearish movement in the Platinum market. The Stochastic Oscillator period 14 is below 25 levels and the signal lines bending down to indicate sell and a further reduction in Platinum price.
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