Platinum just delivered a textbook confluence of overbought signals that tilts the odds in favor of a tactical short. Price has tagged the 0.236 Fibonacci retracement drawn from the Nov. 21 low to the Nov. 26 high, with resistance building around $1,627.
At the same time, it briefly traded above the 1‑hour Bollinger Bands, which typically marks exhaustion rather than the start of a new trend leg higher.
The timing of a TD Sequential 13 on the 1‑hour chart adds another layer of caution for late bulls. A completed 13 count flags trend exhaustion or at least a pause, especially when it appears in a Fibonacci resistance area.
Layered on top of this, the 1‑hour RSI percentile pushed above the 90th percentile of the last 4,000 readings, meaning fewer than 10% of recent observations have been more overbought. In other words, this is statistically rare air, where risk asymmetry for fresh longs becomes unattractive.
Momentum confirmation comes from the RSI/WMA cross turning down, suggesting that underlying strength is rolling over even as price hovers near resistance.
Suggested Setup
- Bias: Short
- Entry: Wait for a retest of the 0.236 Fibonacci level near $1,627
- Stop Loss: $1,655
- Take Profit: $1,563
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