This bearish pennant formed on the XPD/USD @ D1 offers a bearish breakout opportunity. The pennant and its pole are marked with the yellow lines. My potential entry level is the cyan line. My potential take-profit level is the green line. The stop-loss level is already marked on the chart.
Lots of momentum lately for palladium... time to complete the bigger structure.
I am seeing downside on palladium to complete the expanding flat formation before completing the bigger structure(1,2,3 formation) for more upside.
Let me know what you think. Every insight is appreciated ! Thank you !!!
VERY long term: Very bullish...
Just a sweet position to take with such great r:r. It couldn't make a new high yet and has a good probability to turn this a double top swing failure with some resistance confluence, ABCD and some divergences.
Hello Traders, XPD/USD Palladium 1578.418 VS 1311.485
Blue: Developing a Bigger Corrective / Consolidation / Continuation Pattern
for further upside movement breaking all time high's 1578.418 / 1311.485 VS 1827.393 / 1705.807.
Yellow: Looking for smaller continuation / corrective pattern for current impulse to break 1578.418.
Red: Red: Consolidation /...
Since August last year, Palladium had strong bullish momentum. It retraced to 31.8% Fibonacci on March and traded sideways after finding support on June. On Thursday it posted limited gains as investors widely took "a wait and see" approach. Upcoming summit off global leaders will decide investors on future moves. Based on current trade optimism, the truce between...