Palladium Bounces After Free Fall
Following the free fall we witnessed in Palladium last week, price has appeared to have
found some form of support just above the 50 simple moving average.
Price does tend to hit the 50 simple moving average, so if we see further declines, we may
see price tag this indicator before seeing a continuation to the upside.
In April this year, price had finally broken out of the 14 month-long period of consolidation
but then struggled to remain above the consolidation resistance level at $2875.
With price back inside the consolidation zone, we need to see another breakout but this
time above the new all-time high at $3017. This would also mean a breakout above the
$3000 round number.
Overall, price is creating higher lows, but as price is still in the consolidation zone, its
behaviour may be unpredictable, which is why we wait for breakouts to confirm trend continuations.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
found some form of support just above the 50 simple moving average.
Price does tend to hit the 50 simple moving average, so if we see further declines, we may
see price tag this indicator before seeing a continuation to the upside.
In April this year, price had finally broken out of the 14 month-long period of consolidation
but then struggled to remain above the consolidation resistance level at $2875.
With price back inside the consolidation zone, we need to see another breakout but this
time above the new all-time high at $3017. This would also mean a breakout above the
$3000 round number.
Overall, price is creating higher lows, but as price is still in the consolidation zone, its
behaviour may be unpredictable, which is why we wait for breakouts to confirm trend continuations.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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