We took the risk to go long as there were several key support zones but price action sliced through and broke lower. Even the 200 WMA
did not act as a strong support and the flush came hard on Palladium
. This has certainly damage the chart and the weekly MAs could soon roll over lower (20 WMA
already crossed below 100 WMA
and 50 WMA
could follow suit - potentially create a death cross). In the short term, Palladium
could find support at 690 levels and a corrective bounce may relieve some of the selling pressure. However, the medium term outlook is to sell into the corrective rally.
Long at 690-700