Palladium Futures ( PA1!), H4 Potential for Bearish Continuation

NYMEX:PA1!   Palladium Futures
Title: Palladium Futures ( PA1! ), H4 Potential for Bearish Continuation
Type: Bearish Continuation
Resistance: 1978.0
Pivot: 1759.5
Support: 1830.5

Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly head back down to the support line at 1830.5, where the 78.6% Fibonacci line is located.

Alternative scenario: Price may go back up and head towards the 1st resistance at 1978.0 where the 738.2% Fibonacci line is located.

Fundamentals: There are no major news.

This analysis is provided as general market commentary and does not constitute investment advice.

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