Palladium Rests Before It Makes Its Next Move
Palladium trended really well from May 2019 to February 2020 and was set to reach the $3,000
round number but the current pandemic had other plans for the economy.
We soon saw a sharp decline in price, falling 47% in under 3 weeks, wiping out 6 months of gains
in a fraction of the time.
We are now seeing a different kind of behaviour in this commodity and price has become
unpredictable. This may be due to the fact that price may be entering consolidation following
the strong bullish trend.
During the trend, price used the 50sma as support to help it gain momentum to the upside, but now
the 50sma has turned to resistance which may help to force price down.
If we continue to see weakness then the next area of support is the $2,000 round number followed
by the 200sma.
Because we are seeing uncertainty in Palladium, the safest option is to wait for a break and close
above the current all-time high at $2,875 followed by the $3,000 round number.
While this commodity sets up for its next trend, which may take a while, we are focusing our attention
on forex pairs that are trending and we are also potentially looking for shorting opportunities in the stock market.
We will be looking at some shorting opportunities in our free Facebook group and we also cover this in our
4-Part series from the link below.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
round number but the current pandemic had other plans for the economy.
We soon saw a sharp decline in price, falling 47% in under 3 weeks, wiping out 6 months of gains
in a fraction of the time.
We are now seeing a different kind of behaviour in this commodity and price has become
unpredictable. This may be due to the fact that price may be entering consolidation following
the strong bullish trend.
During the trend, price used the 50sma as support to help it gain momentum to the upside, but now
the 50sma has turned to resistance which may help to force price down.
If we continue to see weakness then the next area of support is the $2,000 round number followed
by the 200sma.
Because we are seeing uncertainty in Palladium, the safest option is to wait for a break and close
above the current all-time high at $2,875 followed by the $3,000 round number.
While this commodity sets up for its next trend, which may take a while, we are focusing our attention
on forex pairs that are trending and we are also potentially looking for shorting opportunities in the stock market.
We will be looking at some shorting opportunities in our free Facebook group and we also cover this in our
4-Part series from the link below.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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