Palladium Cup & Handle on Daily - Consolidation looks done
Opened another long position this morning as consolidation appears to be finished.
It's possible I am early and the handle extends but I believe the low of the consolidation is in @ 738
In my view a break of 760 today signals the handle is complete, otherwise it may continue range bound a bit longer
One eye on US dollar for this trade,continued weakness should help
Platinum & Palladium have been taking turns I think Palladium has a little catching up to do this week
It's possible I am early and the handle extends but I believe the low of the consolidation is in @ 738
In my view a break of 760 today signals the handle is complete, otherwise it may continue range bound a bit longer
One eye on US dollar for this trade,continued weakness should help
Platinum & Palladium have been taking turns I think Palladium has a little catching up to do this week
Comment:
Break Out in progress ..think I will hold over the week end Slow Stochastics are embedded on the Daily = this could Bull for a while longer
Comment:
Wow!! Had to take profits here closed half my position @ 786.50 I did not expect such a quick jump I would think it will need to cool down a bit
Comment:
Taking a closer look at the longer term trend lines this is a very key area of resistance hard to say if it will carry on through or pivot down from here but the price did retreat Friday to close just below a very key trend line ... this may present a short opportunity if it does not break through
The prior comment I made about the Slow Stochastics being embedded was looking at different charting software ... here at T.V. it is showing as merely oversold so it would need another day or 2 of bull to embed .. kind of hard to imagine there is much left in the tank without consolidation
If/when it does break through next target is $815 - $820
My gut tells me the USD will rally and all the metals look ready for some consolidation I will likely close the other half of this trade on the open Sunday night and re-evaluate price action on Monday morning
Proceed with caution friends.
The prior comment I made about the Slow Stochastics being embedded was looking at different charting software ... here at T.V. it is showing as merely oversold so it would need another day or 2 of bull to embed .. kind of hard to imagine there is much left in the tank without consolidation
If/when it does break through next target is $815 - $820
My gut tells me the USD will rally and all the metals look ready for some consolidation I will likely close the other half of this trade on the open Sunday night and re-evaluate price action on Monday morning
Proceed with caution friends.
Comment:
Closed Position ...atm looking like a short is in order with first candle today a double top on the 1H and now retreating to close back under the key trend line ... will likely wait until morning to assess price action
Trade closed manually