Failed rising wedge breakout. Bullish flag . Target $1,000.
Small chance this actually heads all the way down to the bat entry point some $120 away but hey..it can happen! My strategy is to short 791 with stop loss of 801. I will move stops to B.E. at the TP1 of the bearish Gartley and see what happens!
I do not have much doubt that palladium topped against gold in the short term. Though, longer term, things look interesting for palladium against gold and silver - possibly a stronger run higher (or smaller run lower) than both metals.. I am currently short palladium with no position in gold or silver.
While I'm generally bulled up on metals but palladium could be running into a right shoulder
NYMEX:PA1! Safe Trades;
Palladium futures are in a corrective Wave C according to my Wave counter. Broke Daily 200 MA and 200 WMA and looks like now have a clear path forward. Daily RSI may be slightly overloaded so there may be a short correction after the immediate ascending but the ending target of 680 figures looks very reachable. On fundamentals, Palladium hasn´t forwarded the Gold...
Palladium is in wave 5 down. From EW analysis the wave 5 does not complete yet. The price will meet high resistance at 539.2~565.6. If the price rejects from this resistance area, open short position. Open position when it reiects. SL at 573.9 TP at 451.5 If the price does not reject from the resistance area, this analysis will be invalid. Good luck for everyone!
Palladium has a very interesting setup, I'm looking to enter longs in this instrument very soon. If you can't trade palladium futures, you can trade PALL, the etf. Try to keep risk at 1% per trade. The entry would be a buy stop confirming the rally, for specifics about entry, stop and trade management contact me privately. You can trade with your own strategy, if...
Short palladium into the mid 200's. Buy between 240 - 250 sometime between May 2016 - October 2017. I think closer to October 2017
My target in the chart for this pause on the downside. That breath can break out the downside channel due to the divergences in stochastic and MACD histogram.
w 40wk remains breached, then long calls scale-in. Watch list until then.
Palladium has broken out to the upside today possibly indicating the start of an uptrend.
Notes on the chart Any Question and comment is welcomed