🚀Palladium Primed for Explosive Move! Bullish Confluence Signal🔍Technical Analysis:
Chuvashov's Fork Breakout: We are soon gonna witnessing a clear breakout from the Chuvashov's Fork pattern. For those unfamiliar with this pattern, it is a bullish reversal signal, and the current breakout could serve as a strong indication that the tide is turning in favor of the bulls.
Bullish Divergence - RSI and Price: Both the daily and weekly timeframes are showing a bullish divergence between price and RSI. Historically, this has often been a precursor to significant price rallies.
Oversold Territory: After a 66% decline from its highs, Palladium is deep into oversold territory. From a contrarian standpoint, this could indicate a significant bounce-back is on the horizon.
📊Fundamental Analysis:
Miners Bullish: The individuals closest to the supply chain, the miners, are positioning long. They usually have a keen insight into the market's fundamentals, and their bullish stance speaks volumes.
Record Short Positions: An unprecedented volume of short positions in futures is currently in play. If we consider the limited supply available to cover these shorts, a scenario unfolds: a massive short squeeze.
🚀Projection:
Given the potent combination of the technical and fundamental factors at play, it's plausible we could witness a monumental short squeeze. This squeeze could propel Palladium prices from their current standing around $1200, launching them towards the $2000 range, if not beyond.
Disclaimer: Always conduct your own research and consult with a financial advisor before making any investment decisions. This analysis is based on personal opinion and is not financial advice.
📈**#PalladiumToTheMoon** 🌙
