Palladium ready to blow off top
Updated
Palladium had been in a bearish channel for some time, but after a double bottom it's gone W in a big way. That way has been nearly vertical but is now looks exhausted. Having been rejected from the 1.618 Fib, profit taking will be next as everyone gets ready to race for the door. Looking closer on the 4H chart, the 50MA is about to cross up over the 200, which is a golden cross on a daily chart, but a look at price action and it's meekly dribbling sideways while the RSI remains precariously in overbought territory. Unless there have been abrupt orders for 50 million additional combustion engine cars no-one's talking about, this puppy otherwise in a demand death bleed is ready to blow off top.
Note
Bulls are determined to get to the 200MA. An amazing rally. Back testing similar pumps, 6 or seven days usually culminate in a big doji on the second last day. Hard to believe when going up this consistently it will ever correct..
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