Palladium Futures (PA1!), H1 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 1989.0
Pivot: 1954.5
Support : 1887.5
Preferred Case: On the H1, price is moving below the ichimoku cloud and along the descending trendline which supports our bearish bias that price will drop from our pivot at 1954.5 in line with the swing high resistance to the 1st support at 1887.5 in line with the swing low support, 127.2% fibonnaci extension and 100% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 1989.0 in line with the overlap resistance and 61.8% fibonacci projection.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Resistance : 1989.0
Pivot: 1954.5
Support : 1887.5
Preferred Case: On the H1, price is moving below the ichimoku cloud and along the descending trendline which supports our bearish bias that price will drop from our pivot at 1954.5 in line with the swing high resistance to the 1st support at 1887.5 in line with the swing low support, 127.2% fibonnaci extension and 100% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 1989.0 in line with the overlap resistance and 61.8% fibonacci projection.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
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