Forex Trading: XPTUSD Is Trending Upwards, and This May Continue

Forex Trading: XPTUSD Is Trending Upwards, and This May Continue
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XPTUSD Price Analysis – April 20

The Bulls have pushed the price to break up the $833 level and reached $900 level. Last week candle closed bullishly to indicate that the Bulls will break up the $900 level and targets $962.
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XPT/USD Market

Key levels:

Supply levels: $893, $962, $1030
Demand levels: $833, $776, $714

 

XPTUSD Long-term trend: Bullish

XPTUSD is on the bullish trend on the weekly chart. XPTUSD has formed a chart pattern called Double bottom at the demand level of $776 price level. The Bears firstly bottomed the metal on August 13, 2018, at $776 price level. The Bulls defended the level and pushed up XPT price towards $900, it was resisted at the dynamic resistance level of 50 periods EMA. The Bears returned the price back to the previous low of $776 on December 24, 2018. The price bounced again to complete the last part of the double bottom pattern (“W”). The Bulls have pushed the price to break up the $833 level and reached $900 level.

PLATINUM (XPTUSD) Weekly chart, April20

XPTUSD has crossed the 21 periods EMA and 50 periods EMA upside; the price is above the two EMAs as a bullish trend signal. The Stochastic Oscillator period 14 is at 80 levels with the signal lines pointing up to indicate a buy signal. Last week candle closed bullishly to indicate that the Bulls will break up the $900 level and targets $962.

 

XPTUSD medium-term Trend: Bullish

XPTUSD is also on the bullish trend on the medium-term outlook. The double bottom chart pattern also confirmed on the Daily chart. Immediately after the Bulls broke up the $833 price level, there was a price retracement towards the broken level on March 1. The bullish engulfing candle pattern formed propelled the price towards $900 level, broke up the level and currently carrying out a pullback.

PLATINUM (XPTUSD) Daily chart, April 20

The Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing up to indicate a buy signal.

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About AzeezMustaph

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management