Platinum is facing an initial resistance 16/7/2013
Platinum priced ended yesterday’s trading by recording 1425.00 level, which forms an initial resistance against the intraday bullish trading, to notice the price stability below this level since morning, and we remind you that the price is trading within main downside channel as appears in the chart, thus , there’s strong chances to form bearish wave as long as the mentioned resistance remains intact, to reach 1385.00 level in the near term.
Note that breaching the initial resistance will support the intraday positivity again, to reach 1465.00, while stochastic attempts to leave the overbought area to support the negative trading for today.
Expected trading range is between: 1425.00 and 1385.00
Expected trend for today: Bearish, conditioned by holding below 1425.00