$PALL - Time to Take Some Money off the Table?
Updated
Palladium has had a fantastic run for 2019 so far, primarily driven by declining global supplies mixed in with rising global demand. In fact, as a result of this trend, the metal has been up 24% so far year-to-date.
However, despite this the stellar trend, recent price action has shown that the rally may be running out of steam. As can be seen, though the price has risen to a 2019 high of $151.35, its technical indicators have failed to follow suit. The SMI and RSI are currently showing negative divergence with
PALL price, as it appears that momentum is coming out of this rally.
As a result, though we think the palladium supply shortage will continue, thePALL rally is looking a little stretched at the moment. Thus for investors who are currently in PALL, we would recommend to take some money off the table, while those looking to jump in should wait for a pullback.
However, despite this the stellar trend, recent price action has shown that the rally may be running out of steam. As can be seen, though the price has risen to a 2019 high of $151.35, its technical indicators have failed to follow suit. The SMI and RSI are currently showing negative divergence with
PALL price, as it appears that momentum is coming out of this rally.As a result, though we think the palladium supply shortage will continue, the
PALL rally is looking a little stretched at the moment. Thus for investors who are currently in PALL, we would recommend to take some money off the table, while those looking to jump in should wait for a pullback.Note
As expected - PALL fell 3.2%
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