Risk/Reward right here is too good not to take a small position with a tight stop. I'll probably get stopped out, but that's fine. Second buy zone is also shown.
Possible stop below HL (handle low) or MC (Mid cup).
There was a throwback at last break of the cup pattern. A throwback occurs when price breaks long entry level for a pattern and pulls back underneath and is unable to proceed to targets. Throwbacks can hurt performance.
Price is not to long entry level yet.
There is also an inverse head and shoulders (blue...
What is PALL ETF?
PALL is first in the space that focuses on palladium exposure in an ETF. The fund tracks the movements in palladium spot price, by providing focused exposure to palladium held in JPMorgan vaults in London and Zurich. ... PALL is structured as a grantor trust preventing trustees from lending the underlying metal.
Looks like PALL is repeating a previous pattern. Very cyclic and resolves well with Williams Vix Fix. I see a local bottom that was supported with strong resistance from Aug 2021 to current. If growth is continued as anticipated, this commodity will rebound. If safe havens are sought, this commodity will also grow. Solid indicator data fitting PALL for a 20%+ gain...
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...
STRONG BUY
This is the perfect Precious Metals Play.
Although it is a medium time frame play due to decreasing demand for PALLADIUM in gasoline car's converters.
Short Term PlaY
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...
