Good afternoon all!
There seems to be a possible break of the channel structure currently in motion in (XPD) Palladium.
We have been witness to a series of nice impulsive and correctives whilst the channel has been in play but it seems, to us anyway, that the channel could be coming to a potential turning point in the market.
Should price complete a full breakout via the breakout and retest rules, beliefs are that price could have a surge to the upside testing highs in the region of 2120.00 and beyond.
There are however several pockets of liquidity along the way in this rise that the bulls could fall trap too so keep your eyes peeled for the breakout and retests of each individual technical level.
This could offer a great r/r if played out correctly.
If price however forms a bearish breakout/ retest of the 200EMA, it will be utlimately invalidate the long bias but equally at the same time, offer a bearish channel continuation opportunity that could have equal merit offering, again, an equally good r/r with a multitude of target levels to aim for.
There seems to be a possible break of the channel structure currently in motion in (XPD) Palladium.
We have been witness to a series of nice impulsive and correctives whilst the channel has been in play but it seems, to us anyway, that the channel could be coming to a potential turning point in the market.
Should price complete a full breakout via the breakout and retest rules, beliefs are that price could have a surge to the upside testing highs in the region of 2120.00 and beyond.
There are however several pockets of liquidity along the way in this rise that the bulls could fall trap too so keep your eyes peeled for the breakout and retests of each individual technical level.
This could offer a great r/r if played out correctly.
If price however forms a bearish breakout/ retest of the 200EMA, it will be utlimately invalidate the long bias but equally at the same time, offer a bearish channel continuation opportunity that could have equal merit offering, again, an equally good r/r with a multitude of target levels to aim for.