XPTUSD Price Analysis – May 11
In case the Bears were able to push the price and break down the $833 level $776 level may be the target. Should the $833 level holds, the price may bounce and continue its bullish movement.
Supply levels: $898, $962, $1030
Demand levels: $833, $776, $714
XPTUSD Long-term trend: Bearish
XPTUSD is bearish on the weekly chart. Platinum price was ranging two weeks ago at the supply level of $898. The Bears prevailed and the platinum price started coming down towards $833 level. Last week the bearish movement of the platinum price was supported at the dynamic support levels of 21 and 50 EMAs.
Platinum is making an attempt to cross the 21 periods EMA and 50 periods EMA downside as a sign of bearish movement on the weekly chart. The Moving Average Convergence Divergence period 12 with its histogram is fading away gradually from above zero level and the signal lines bending to the south to indicate sell signal and a further decrease in the platinum price. In case the Bears were able to push the price and break down the $833 level $776 level may be the target. Should the $833 level holds, the price may bounce and continue its bullish movement.
XPTUSD medium-term Trend: Bearish
On the medium-term outlook, XPTUSD is Bearish. The Bulls lost momentum at $898 level, the price reversed and making lower lows towards the demand level of $833 demand level. The price movement on the daily time frame has formed a descending channel pattern. The price may break out at the upper trend line and target the previous high of $898 price level. The bearish break out at the demand level of $833 will expose the $766 price level.
The Moving Average Convergence Divergence period 12 and its histogram are below zero levels and the signal lines pointing down to connotes sell signal.
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