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Wait for a pullback to 885.02 to short Platinum.

Wait for a pullback to 885.02 to short Platinum. | 13 July 2018

Brent weekly

Wait for a pullback to 885.02 to short Platinum.

Technical observation

Last week, Brent went down towards a support 61.32 but could not reach it.Currently it is pulling back towards the resistance zone 80.61-78.85 and I expect a rejection of it within the zone for possible bearish momentum towards 61.32 and a breach below it for a further decline in towards the lower support 44.48.In case there’s a clear breach above 80.61 with a big green candle, wait for a correction to it before you long Brent with your ideal target at 103.06.Right now only short positions can be recommended on the weekly chart above within the zone 80.61-78.85 towards 61.32.

Trade signal

Short Brent within 80.61-78.85 towards 61.32           

Magnit weekly

Wait for a pullback to 885.02 to short Platinum.

Technical observation

Magnit has been rallying down towards the support 4241.8 and I expect a rejection of it from the line followed by a correction to the resistance line 5218.8 for possible downwards movement of price. You can remain flat temporarily and wait for the correction to 5218.8 to short Magnit with your take profit at 4241.8 and stop loss around 5711.9.If there’s a clear breakout above 5218.8, you can still short Magnit at the resistance 6708.7 in case it is rejected from it and does not penetrate above it .If there’s a breakout below 4241.8, wait for a correction to it then continue short with Magnit.

Trade signal

Remain flat temporarily

Platinum weekly

Wait for a pullback to 885.02 to short Platinum.

Technical observation

After breaking down below a support 885.02, platinum rallied down for two consecutive weeks and is currently correcting to 885.02. I don’t expect a penetration above it but a rejection from it for possible bearish momentum towards 753.96 and a possible breach below it for a further decline towards 599.40.Wait for the pull back to 885.02 then short platinum at it with your take profit at 753.96 and stop loss slightly above 885.02.Only short positions look ideal and can be advised on the chart above, long positions may only be recommended above the resistance zone 1039.07-1017.37 towards 1172.70.

Trade signal

Wait for a pullback to 885.02 to short Platinum.

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Imelda Maseno
Analyst of «FreshForex» company
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