Nataly Kambur
⬤ Platinum hit the brakes near ascending resistance after printing a bearish engulfing candle, throwing some cold water on last week's rally. The metal's currently trading around $2,646 following a solid run higher inside a rising trend channel. That bearish engulfing showed up right at a technically sensitive spot—exactly where you'd expect some profit-taking after the breakout from a symmetrical triangle.
⬤ Here's the thing though: that bearish signal never got any follow-through. The next session gave us an inside bar, which basically means traders are digesting the move rather than bailing out. "The absence of downside confirmation keeps the broader bullish structure intact," as the analysis points out. Price is still chilling above the rising trendline, and both the 50-day and 200-day EMAs are sloping up underneath it—classic signs the bigger picture's still healthy.
⬤ What's happening at resistance tells you something important: sellers showed up, sure, but they didn't bring enough firepower to break anything. Buyers have been soaking up supply at these higher levels, keeping the floor intact and maintaining those higher lows. The tight range we're seeing right now? That's just the market catching its breath after the recent gains, not rolling over. This kind of action usually sorts itself out one way or another pretty soon.
Nataly Kambur
