XPD/USD 4h analysis possible buy

OANDA:XPDUSD   CFDs on Palladium
Hello everyone , as we all know the market action discounts everything :)

The XPD/USD seem to continue its movement in an upward channel, there are 3 different scenarios that am seeing the right now :

1_The price will drop down to the old resistance line which is the support line now at 2712.474 and then bounce back up and maybe breaking the new resistance line at 2747.800 which if that happen thats a great bullish mark , where we could use it to trade breakouts.
if you dont know what is a breakout then watch this
2_The price would continue the bullish movement and reaching the resistance line at 2747.800 and breaking out which could be a great buy opportunity
3_The price will reached the support line at 2712.474 and if the price breakout that support line it would be a confirmation that the price will drop down and it a possible sell signal

Using different indicators showing that the market is bullish so scenarios 1 or 2 is more possible then the 3 :

1_The market price is moving above the MA and EMA ( bullish sign)
2_The RSI is at 64,99 showing strength is the market and could be reaching overbought zone at 70 ( bullish sign)
3_The MACD seems to be gaining more momentum with the trend going through a positive crossover for now ( bullish sign)

Support & Resistance points :
support Resistance
1_ 2719.46 1_2738.34
2_ 2710.04 2_2747.80
3_ 2700.58 3_2757.22

Fundamental point of view :

One-month risk reversal on Palladium (XPD/USD), a measure of the spread between call and put prices, not only snaps a two-day uptrend but also marks the heaviest fall since last Thursday, according to data source Reuters.

A call option gives the holder the right but not obligation to buy the underlying asset at a predetermined price on or before a specific date. A put option represents a right to sell. That said, the daily difference between them slumps to -0.012 by the end of Wednesday’s trading session, per Reuters.

The moves could be linked to the XPD/USD price performance that prints a three-day uptrend of around $2,650 by the press time of early Thursday.

As the options market signal favors the palladium bears, sluggish momentum amid the pre-ECB caution and a light calendar tests the commodity traders. according to fxstreet

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This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice.
If you have any questions please ask and have a great day !!!

Thank you for reading.