Palladium Futures ( PA1! ), H4 Potential for Bearish Drop
Title: Palladium Futures ( PA1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 1835.0
Pivot: 1744.0
Support: 1656.5
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the pivot at 1744.0, where the 50% Fibonacci line is, before heading towards the support at 1656.5, where the previous swing low is.
Alternative scenario: Price may possibly head back up towards the resistance at 1835.0, where the 78.6% Fibonacci projection line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 1835.0
Pivot: 1744.0
Support: 1656.5
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the pivot at 1744.0, where the 50% Fibonacci line is, before heading towards the support at 1656.5, where the previous swing low is.
Alternative scenario: Price may possibly head back up towards the resistance at 1835.0, where the 78.6% Fibonacci projection line is.
Fundamentals: There are no major news.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.