PA1! trade ideas
Palladium | Exponential GrowthPlease support this idea with LIKE if you find it useful.
Initiate Short.
Entry - 2274.4
TP - 1953.9
SL - 2318.4
Reason: Exponential growth with overbought RSI. Plus pay attention on Ichi Cloud that
became thiner - the growth became weak. Seems the price was already rejected. At least the price should take a correction.
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Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts.
The information given is not a Financial Advise.
Near-term Top in for Palladium?Very likely near-term high for #palladium is in. Price top-ticked the rising channel resistance from 2016 as well as the top of the channel from Aug. Expecting a pullback thru yr end to $1800, which would be an interesting opp to add long @ horizontal & channel support $PALL
PALLADIUM, GET IN THE DIP1590~1600. the important price level that i will be looking at.
1] uptrend - bullish, above 200MA
2] 50% FR point
3] Previous highly important "top"/resistance turned support
4] will look for simple confirmation to get in
i believe this is a very rigged market. do always place a stop loss and trade safely.
Palladium - Bearish DivergencePalladium currently trades at the key psychological overhead resistance of 1600 with the RSI signaling bearish divergence, meaning, the price makes a higher higher however this is not confirmed by a higher high on the RSI. Traders should take caution around current levels.
PALLADIUM taking cues from copperas one of the main by-products of copper and platinum mining. copper miners out of chille have begun to reduce mining operations due to lack of demand from china, which could indicate weakness in their housing market possibly. since palladium's rise is due to the auto sector. id use this opportunity to look at weaker auto candidates and countries with unusual auto manufacturing dependence specifically with euro-zone exposure.
Palladium Ripe for A Fall..Once $1500 on the September futures breaks, I expect a quick and decisive fall to $1300. Additional things I see which makes this a high conviction trade:
1.) Seasonal pattern for XPDUSD is usually weak in mid-July until mid-August/early-September
2.) $1500 was a major breaking point in March as well. Once prices broke that level, the selling came in swiftly.
3.) The NYMEX futures CoT shows the commercials (smart money) is short around the same number of contracts just prior to the March crash as well.
4.) There was a marginal, new swing high in the futures but not in the cash market this month. Prices have since reversed back down off of the $1600 level quite rapidly. This tells me there are ready and willing commercial sellers at those higher levels thus capping prices further (for the time being).
5.) The contract margins for PA on NYMEX are over $12,000 for a 100oz. contract. This is reminiscent of Silver Futures in May 2011 just before the price peaked and promptly crashed..
There seems to be some intermediate support right around the $1300-$1275 level so I would look to cover there...
Thanks to @thunderpips for the 6H/4C chart idea..
PA short opportunity in the correctionPalladium just had a monster bull run and is in a correction.
Looks to me like PA is in C wave of an ABC correction. It crossed below the 50dma and is retesting that as we speak. 50% retrace of the first impulse in the C-wave is $1360.
Enter short at $1360, SL $1365, TP $1181-$1260
