Looking at the precious metals market so far this year: Palladium > Gold > Silver/Platinum. The market may turn higher soon; if so, Palladium is the metal to back.
Palladium is close to breaking out of a 2-year trading range.
Stop below the recent reaction high. Target 1 at the recent high. Target 2 at an intermediate level above Target 1 and below Target 3....
Been calling this one for months now and still waiting for the move out of this ascending wedge... still confident it will come. Sell it up here at resistance and wait for the break down.
Palladium did a nice bounce off her trendline again. (previous idea posted) -
Now, the indicators all say we're in for some downward/sideways motion, so there is some risk that she may break that trendline but she has seemed to hold so far. So I am holding and buying the dip :)
June Palladium is looking for more upside. Using 785 as support, but there is an underlining downtrend present. Upside target 813.65 and if it can break the double top, 832. If this fails and 785 breaks, downside target trendline at 772 and possibly 770. PA must clear 801 and stay above that to make any headway.
Looks like a pretty good confirmation on Palladium it went up and bounced off the 805 level again, that seems to be a pretty tough barrier to cross. However, it went up and came back down to rest still above the 9 day MA and I am still bullish on Palladium unless it decides to break and close under the 760 level.
The RSI is above 50 and though pointed down looks...
Palladium seems to have made a good bounce off an upward trend line I've got tracking since December 2016. Next target will be 810 - I am planning on stacking and holding long term. Palladium along with the other precious metals should do well this year. :)
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Watching the Palladium's daily chart we can see the weakening of the trend as price can't continue reaching the top line of the up-trend channel.
There is also one great resistance at 810 area well respected.
We can also see the big red engulfing candle that occurred yesterday.
Last but not least we can notice the Macd's divergence with the Palladium's price...
June Palladium is forming a bullish Cypher as it looks like we may see a triple top progression higher. RSI broke last week and Open Interest is starting to rise again. Next upside target 798 resistance and triple top, with target 804 forming 113% FIB. If fail, this might turn to bullish Gartley.
June Palladium created a bearish flag today from rise off of morning star doji Friday. Looking for confirmation tonight if this indeed a proper flag, or bounce to 766.30 resistance.
June Palladium finally took a nose dive today. Projecting a fall to 730 area. May fall further to the uptrend line, or rebound to fill out bullish Cypher.
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!
Short setup, looking for rising wedge support to give up as resistance is approached for the first time.
Will enter trade as support looks to be giving way rather than entering early. May reduce ability to pick the top but also less risk.
Short side wrong if daily *close* above resistance line
June Palladium rose overnight, then got hit with sells to end bearish. We still have a bullish flag with the last candle higher than other candles. We will see Monday if this is a continued channel, up market, or a down trend. The circled area shows a similar setup to what is happening now.
So far Palladium has completed bearish 2618, AB=CD and Gartley Set-ups. The Gartley just triggered like 20 minutes ago and am pretty bummed I missed it. But there will be many more opportunities! Next I will be watching for a breakout of the wedge, or the formation of another bearish pattern.
Let me know your view!
