Platinum remains under the negative effect– Analysis – 28-4-2017

Platinum price kept the negative stability below 950.00 level to confirm its affection by the correctional bearish bias domination, the price gets its negative momentum from forming a strong barrier at 970.00 level by the moving average 55 besides stochastic reach to the oversold level, which allows it to gather extra negative momentum, to resume the bearish correction until reaching the suggested target at 920.00.

Note that the continuation of the negative pressure might force the price to decline below the targeted support to move to a new negative range, which makes it suffer big losses that might extend to 850.00 initially, while the stability of this support will confirm the price confinement within the main bullish range, to attempt to build a new bullish attack that press on the barrier at 980.00.

Expected trading range for today is between 965.00 and 920.00

Expected trend for today: Bearish.