Palladium - Potential Head and Shoulder Pattern
The Head and Shoulder pattern is possibly the most popular and common technical reversal formation. In this setup, we have identified the potential development of an H&S structure.
Palladium, in its hourly chart, is forming a potential head and shoulders formation that could take this precious metal to the bearish side. Currently, the price is moving in what could be its second shoulder in progress.
A short trade will trigger if the Palladium breaks and closes below $1,921.07 per ounce.
Our conservative bearish target is located at $1,890.14 per ounce. An extension of the downward movement could drag Palladium to touch the $1,861.46. The last bearish technical target of this Head and Shoulder setup is placed at the $1,837.26 level.
A protective stop level should be placed at $1,957.82 per ounce.
Trading Plan Summary
Entry Level: $1,921.07.
Protective Stop: $1,957.82.
1st Profit Target: $1,890.14.
2nd Profit Target: $1,861.26.
3rd Profit Target: $1,837.26.
Author
EagleFX Team
EagleFX
EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and
