littleriver

Palladium Monthly Channel Clone

NYMEX:PA1!   PALLADIUM FUTURES
206 1 0
The highlighted channels are the reference channels for all clones. Basically when price crosses a channel clone trend line , price will next move to the proceeding trend line where price will test the new trend line . Current monthly candle is painting just across a green channel clone trend line . I will be watching to see if price can hold this crossing.
snapshot


So far the weekly candle is holding but looking at daily trix, rsi, and price action on the field there is trouble. First there is divergence on the trix and 5 has crossed 7 but the 10 is still in positive territory. Second, RSI has dropped below the upward trend line. This usually leads to lower prices. And finally, price action on the chart is slipping. Price fell below an upward trend line signaling a slow down in bullish action. I consider this to be the most significant indicator. Now wait and see how the rest of the week develops.
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