Aggressive sell-off by palladium has eroded the 2018-2021 support line. Attention is on the 200-week ma at $1759 with a possible plunge to the 55-month ma at $1639, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.
See – Palladium Price Analysis: XPD/USD to nosedive toward the $1731 mark – Credit Suisse
20-day ma at $2319 has capped the rally
“Palladium has sold off aggressively, the 2018-2021 support line has been eroded and the market is in new one-year lows.
“The daily RSI is in oversold territory at 14 and we would tighten stops on short positions, but currently the market remains under pressure.”
“We would allow for a slide to the $1759 200-week ma and the 55-month ma at $1639.”
“Rallies will find initial resistance at $2203 January low and the 23rd August low at $2270.”
“While capped by the 20-day ma at $2319 the market will remain directly offered.”
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