looking like a possible adam and eve double top formation being printed on the higher time frames, we'll be looking for confirmation of the 205 to break to the downside for a move all the way down to the 172 area. however this support has held the last three times it has been tested, so we will look for the asset to continue to range until the current trend is...
I favor we are now in a consolidation triangle. Often (not always) there is a Fibonacci relationships between the legs. In this case the '"c" on the daily chart is .5 x a. If e is .5 x c then we get the top of the target chart given. When the target area is reached and we get a price action sign of possible reversal I will go long.
Notice the positive reversal...
Palladium broke out of its downward channel, gapping, and landing coincidentally, at the 38.2% fibonacci retracement level.
$220 which is the 61.8% retracement level, is the next tested resistance.
A break above it, which good intraday volume, could potentially take the price to all time highs.
Automobile production drops due to COVID-19, therefore the price of palladium drops. As its used in catalytic converters. But as the productions resumes we might see a price raise of palladium. Plus as the laws get stricter about the pollution the price of palladium will rise, until there is a cheaper/better alternative, or production switches to electric cars.
Palladium is highly correlated to the SPX movement and Palladium's parabolic shooting star was essentially formed not only from manipulation, speculation and demand, but also, basically 6 months of upside momentum in the SPX.
The SPX in my opinion will likely undergo a deep correction in February and March overall - with some bounces along the way - before rising...
Another of our favourite patterns, the Cup & Handle, which this time breakout on the ETF that derived from Palladium, one of the commodities that we trade among metals, sometimes with Futures Contracts and other with ETFs.
In this case a pattern of continuation was formed in which the price tested twice the resistance and then had a breakout in an...
Palladium has had a fantastic run for 2019 so far, primarily driven by declining global supplies mixed in with rising global demand. In fact, as a result of this trend, the metal has been up 24% so far year-to-date.
However, despite this the stellar trend, recent price action has shown that the rally may be running out of steam. As can be seen, though the price...
Pall has seen a major bull run lately.
Volume is declining.
Divergence is forming but has bounced previously.
I understand that scarcity of this metal but it needs a healthy pull back before continuing further.
Additional real use and applications for this metal would help boost the next leg up.
1. still in the bull trend, without any big pullback
2. the recent bars look so familiar to those of 16 Nov. to 07 Dec.
3. its pullbacks stop either at the support line or ai the former tops.