Potential completion of a bearish 5-0 pattern on PalladiumNotes on the chart
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PDM2024 trade ideas
Palladium GannanlysisPrice fell below the blue line of the major upward projecting fan and the major downward projecting fan today. I have highlighted a couple of potential bearish targets.
Palladium Daily possible price projection. Present here is one possibility of a path forward in Palladium, assuming it goes up from here.
Palladium Monthly Channel CloneThe highlighted channels are the reference channels for all clones. Basically when price crosses a channel clone trend line, price will next move to the proceeding trend line where price will test the new trend line. Current monthly candle is painting just across a green channel clone trend line. I will be watching to see if price can hold this crossing.
Gann Fan Weekly Palladium "enter at your own risk"More fan fare with this one. From a distance it looks real mess but within the web there appears to be a method to the madness. Looking from a distance we have the the two major Fans on the far left of the screen. One projecting up and one projecting down. Currently palladium price is wedged between the last two angles of these fans. Next there are two minor fans projecting down and two projecting up. One of the more interesting things on the chart was once price escaped the last the last angle of either an upward or downward fan their was a significant price movement that followed. This can be seen on the first minor down projecting fan reading from left to right. Looking at the second (and last) minor down projecting fan we are near escaping the last angle of this fan.
Now zooming in, The formation is the first thing that pops out. Palladium has formed a triple bottom reversal inverted head and shoulders with a successful neckline test. Currently price is sitting on a 1x1 clone and just ahead is the las red fan angle of the downward fan. Beyond that is a nice clear channel leading directly last angle of the major upward fan on the far left. . Is this where Palladium is headed? Or will there be rejection? Soon we will know.
Looking for a correction.Historically the price Palladium has followed the auto industries lead. However, the recent drop in metals has created a divergence in palladium and one of the underlying consumers Toyota manufacturing. To be fair , Japan's move to further devalue the yen played a role in this gap too. But looking at other car makers, we can say the divergence between Palladium and Toyota is not the exception but the rule. As metals continue to be pressured and autos mount a comeback this gap is sure to widen without a correction.
Looking for support in metal. A day of days among metals. As this chart illustrates, most of the metal group has little, if any, recent support at current price levels. However, there is one exception. Let's see how it plays out.
Palladium is going to get more expensive.In this chart I am comparing a couple of indicators in the last bull run in Palladium with what is happening now. These indicators are pointing to a move north in the commodity soon. Positive moves in the commodity occur when crossovers in the MACD coincide with Fisher indicator bouncing off upward trend line. For an added bonus, volume has been really escalating with higher price. I would like to thank JR and NMIKE for introducing Fisher to me. Always something new to learn from the great members here at Tradingview. Thank you!
Palladium is making a run.This is a chart of palladium with some recent breaks to the upside highlighted and the palladium play PAL at the bottom. I would like to thank JR for showing me this play. Not sure this is the big one but a move north it is. Looking back crossovers in the MACD have usually lead to big moves in this metal. We have a crossover now and PAL is following with a breakout of it's own.
