Alex Bobrov
⬤ Platinum is showing early signs of stabilization following a brutal selloff late last week. After Friday's steep 17 percent drop, the price pulled back toward the 50-day exponential moving average, where it closed the previous session. Despite taking a heavy momentum hit, the broader technical picture remains intact—platinum is still trading within its rising broadening wedge pattern. The selloff looks more like a correction than a structural breakdown.
⬤ After hitting the 50 EMA, sellers tried to push things lower during the latest session, driving the price closer to the ascending support line that marks the bottom of the wedge. But buyers stepped in before that support was fully tested. This price action carved out a hammer candlestick—a clear rejection of lower prices that signals downside momentum might be stalling near support.
⬤ Structurally, platinum is still holding above longer-term trend support, and the rising broadening wedge hasn't been broken. The 50 EMA has acted as dynamic support during previous pullbacks in this uptrend, so the current interaction with that level is worth watching. The hammer forming here suggests buying interest is absorbing the selling pressure. A green close—especially above the 50 EMA—would strengthen the case that this pullback is just a higher swing low, not the start of a trend reversal.
⬤ Sharp pullbacks after extended rallies often test whether a trend has staying power. How platinum reacts around key moving averages and rising support will shape short-term sentiment and volatility. With the price holding within its rising structure and showing early stabilization signs, the next few sessions should reveal whether the market is ready to resume its upward move or slip into a deeper consolidation phase.
Alex Bobrov
