Palladium Could Develop a New Bearish Leg
|Palladium price develops a corrective sequence after to surpass the $1,800 per ounce. In this post, we'll summarize our near-term bearish outlook.
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The big-picture reveals that Palladium is developing a corrective sequence after the rally realized that drove the precious metal to strike its all-time high at $1,822.54 per ounce.
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The bearish scenario will be triggered if the precious metal breaks and close under $1,728 per ounce. In a conservative scenario, Palladium could drop to $1,708.5 level.
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A continuation of the bearish correction could cause the metal to hit the $1,693.1 until the $1,676.9 per ounce.
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The bearish scenario will be invalid if Palladium soars and closes above $1,749.3; or if pierces but doesn't close under the entry-level at $1,728 per ounce.
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In the long-term perspective, if the metal remains above $1,600 per ounce, it will likely develop a new recovery that could drive Palladium to reach a new all-time high.
Trading Plan Summary
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Entry Level: $1,728
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Protective Stop: $1,749.3
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1st Profit Target: $1,708.5
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2nd Profit Target: $1,693.1
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3rd Profit Target: $1,676.9
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