Palladium Ready For A Breakout?
Palladium looks set to make another attempt at breaking out of the 16 month period
of consolidation, which began in February 2020.
A break above the consolidation high at $2875 was made in April this year, but that
was short-lived as price returned back into the consolidation zone after being forced
down by the $300 round number psychological resistance level.
During the sideways market movement, price has still respected the 50 simple moving
average, which has acted as support, helping price create higher lows.
Last week we had a reversal just around the 50 simple moving average, which was shown
in a recent post, and this week price is gaining momentum and heading towards
resistance at $2875.
If this level is broken then we still have the $3000 round number and the all-time high
at $3017 in the way.
The long-term movement has been bullish prior to the consolidation period, so the bias
is for a break out to the upside.
Should we finally have a breakout, then we should see a linear trend unfold as this
commodity has trended really well in the past.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
of consolidation, which began in February 2020.
A break above the consolidation high at $2875 was made in April this year, but that
was short-lived as price returned back into the consolidation zone after being forced
down by the $300 round number psychological resistance level.
During the sideways market movement, price has still respected the 50 simple moving
average, which has acted as support, helping price create higher lows.
Last week we had a reversal just around the 50 simple moving average, which was shown
in a recent post, and this week price is gaining momentum and heading towards
resistance at $2875.
If this level is broken then we still have the $3000 round number and the all-time high
at $3017 in the way.
The long-term movement has been bullish prior to the consolidation period, so the bias
is for a break out to the upside.
Should we finally have a breakout, then we should see a linear trend unfold as this
commodity has trended really well in the past.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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