Palladium Hits Strong Resistance! What Next?
Since our last post, palladium has made good progress, moving up $90 to meet the resistance
from February 2020. Price is at an interesting point, because a clean break above and we
should see price move towards the all-time high at $3017.
The weekly 50 simple moving average has aided this gradual upwards move. The first break of
$2875 was short-lived as price came tumbling down and reentered consolidation in April/May.
Price is still in consolidation, and the longer it does so, the bigger the move we can expect
in the direction of the breakout.
So should we see a breakout to the upside, which is the bias as the prior trend was bullish,
we can expect a solid long-term uptrend to unfold.
This is why we want to position ourselves to take advantage of any breakouts that may occur.
It will require some patience while price sets itself up, but the reward will more than make
up for the time sitting on the sidelines.
We will continue to follow the journey of this commodity.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
from February 2020. Price is at an interesting point, because a clean break above and we
should see price move towards the all-time high at $3017.
The weekly 50 simple moving average has aided this gradual upwards move. The first break of
$2875 was short-lived as price came tumbling down and reentered consolidation in April/May.
Price is still in consolidation, and the longer it does so, the bigger the move we can expect
in the direction of the breakout.
So should we see a breakout to the upside, which is the bias as the prior trend was bullish,
we can expect a solid long-term uptrend to unfold.
This is why we want to position ourselves to take advantage of any breakouts that may occur.
It will require some patience while price sets itself up, but the reward will more than make
up for the time sitting on the sidelines.
We will continue to follow the journey of this commodity.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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