XPTUSD Reversed at $833 and May Decrease to $776 Level

XPTUSD Reversed at $833 and May Decrease to $776 Level
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XPTUSD Price Analysis – July 06

The Bears defended the supply level of $833 last week. Further increase in the Bears’ momentum may reduce the XPT price to $776 level.

XPT/USD Market

Key levels:

Supply levels: $833, $898, $962
Demand levels: $776, $714, $657

 

XPTUSD Long-term trend: Bearish

On the weekly chart, XPTUSD is bearish. XPT price was under the bulls control on June 24 and the price moved up to $833 level. The Bulls were unable to break up the supply level of $833 last two weeks due to the confluence at the level. Last week, a strong bearish candle formed which returned the price towards the previous low but yet to reach the mark.

XPTUSD (Platinum) Weekly chart, July 06

XPT price is trading below the 21 periods EMA and 50 periods EMA and the two EMAs are placed at $833 level. The stochastic Oscillator period 14 is at 20 levels (oversold level) with the signal line about pointing down to indicate a sell signal. The Bears defended the supply level of $833 last week. Further increase in the Bears’ momentum may reduce the XPT price to $776 level.

XPTUSD medium-term Trend: Bearish

XPTUSD is bearish in the medium-term outlook. Last week, the XPT price was initially bullish and the bullish pressure placed the price above the supply level of $833. On July 05, the Bears waved into the market and recover all the increase made by the Bulls with the formation of strong massive bearish daily candle.

XPTUSD (Platinum) daily chart, July 06

The Bears has returned XPT price below the 21 periods EMA and 50 periods EMA as a sign of bearish momentum. In addition, the stochastic Oscillator period 14 is at 75 levels with the signal lines pointing down to indicate a sell signal.

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About AzeezMustaph

> 190 Articles
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

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