Idea for palladium
A bullflag has formed just below a key fib level
This will likely break the level and push it higher
The open moving averages is a very bullish sign as seen in the comparison to BTC during the 2017 bull run
Previous thoughts on Palladium
Currently above major trendline
I assume this structure that is forming will break down into the wedge / triangle that has formed below, that will be the optimal entry point above the trendline of the spiral.
Bullish since the beginning.
Two scenarios I'm tracking for Palladium.
The first is the confirmation of the Inverted head and shoulders and bullish from current level, the second is a confirmation of a bearish flag and a bounce back from the dynamic support.
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After a massive dump, over 6% on the 11th Nov, we are seeing great support at $2300 to $2350.
Based on the MACD and the RSI indicators, we can conclude that the downside risk is lowered and the momentum is shifting back to the upside.
Great entry points for a potential breakup are between $2330 to $2350.
Break up take profits are as follows:
Caught a lovely little buy today from 2163, Looking to close around that resistance line of the possible wedge. I'll then be carefully watching to see whether it breaks out or acts a resistance and pulls back to bottom support. Either way, SL past entry..Time to just not let those emotions get in the way, Hold onto some winners and go for a walk. For now B1GFUDG3...
Trading in middle of 1 - 1/2 Gann structure, a bullish scythe can be observed however it doesn't look that strong, do divergences continue through price lines? just curious. Clear fractal can be observed with these bearish divergences. Best to go long in this scenario, major precious metals will see large increases with global uncertainty rising.
Palladium has produced a bearish divergence, followed by a possible bullish divergence, yellow fib EMA has been a clear support for some time for this bull run, lets see if it holds again. Currently stuck in between a strong horizontal support.