The current 26% trend has now matched the trend from May to July 2019 in terms of percentage rise. It still has some way to go before it matches the 38% rise we saw from December 2019 to January 2020.
Palladium has been forming a nice strong uptrend with clean pullbacks and smooth periods of consolidation. We are currently experiencing a pullback which could easily turn into consolidation but nothing to be of concern just yet.
If we see a deep pullback then the next obvious level of support is the $2,500 round number which previously acted as a resistance zone. Price may not even come this low from where it is now and may just find support around where it lies now.
What we are looking for next is a break and close of the current all-time high at $2,842 from 19th February 2020. Even if price breaks above this high, we have the $3,000 round number not too far above which may act as strong resistance as well.
Our compounds will take place once price travels above $3,000.
See below for more information on our trading techniques.