Strong Palladium - Weekly Technical ViewSolid performance by Palladium as it storms ahead to take out several key levels.
We are deviating slightly here but the daily chart shows that price failed to close above the 200 DMA and this could mean that a slight pullback in next week price action to test 780 levels but we expect the run higher to continue.
Coming back to the weekly, the price action will soon reach our price target currently sets at 809. We notice that the price action could continue to range trade within the red lines. Upon closing the long positions, we could wait on the sideline to confirm our next outlook.
Palladium
Perilous PalladiumPalladium remains a difficult metal to trade and given the bounce of the 50% retracement at 754, we are seeing a strong demand and potentially higher move off this price. We cannot rule out another attempt to take out 787.
1st Buy on the break of 787 with a stop at 778 (risk 10 points) target 804 (reward 17 points).
2nd Buy should price pullback between 765 - 775 level with stop at 756 target between 790 to 800 level.
Should the target profit hit, we could look to reverse the trade and short Palladium.
Palladium ViewsPatiently waiting for either break of the trendline or waiting to retest a high at 800 area before looking to short it.
1) short if break out below the short trendline - targeting new low
2) wait for a test higher to short
Palladium Head & Shoulder? Speculative atm but 4 hr RSI is indicating a bearish divergence and stochastic hitting overbought or bullish area for a while. Need a break of 752 to proceed further. Daily Bollinger Band also offer more rooms to head lower and to fill the gap at 740. If trade taken then it will take weeks to materialize.
XPDUSD/Palladium Head & Shoulder?!Speculative atm but 4 hr RSI is indicating a bearish divergence and stochastic hitting overbought or bullish area for a while. Need a break of 752 to proceed further. Daily Bollinger Band also offer more rooms to head lower and to fill the gap at 740. If trade taken then it will take weeks to materialize.
PAL Chaikin Money Flow BullishTrading today has been bearish for the stock as people take profits near resistance. However, the Chaikin Money Flow (CMF) is above zero which says the bullish trend is still in effect.
The CMF operates regardless of how bullish or bearish market participants may opine to be one day or the next. As seen on the chart the trend remains upwards as the CMF is above zero.
Thus when the CMF is bullish above zero, and the chart shows red days, peaks, drops, or consolidations these are possible buying opportunities.
It really is not much different than going to the store and shopping with coupons.
Read more about this indicator and its uses at
www.tradingview.com
Note that this indicator should not be used as a stand-alone buy or sell decider. It can be out of sync at times but it is helpful in confirming chart trends if it has worked in the past, just like any indicator or system one might use. If it seems out of sync then perhaps people are drawing trendlines on the indicator to see where it breaks through instead of seeing when it crosses the zero line.
Palladium getting ready to rallyWhile other precious metals are in clear down trends since mid-2011, the palladium market has always remains well-bid thanks in part to its relative rareness and the fact that it has similar industrial qualities as that of platinum at a lesser cost. Looking at the long term chart of palladium futures, I get the sense that this metal is getting ready to rally this spring after having carved in a significant base above 750 over the past 4 months. I'd say that the $820 handle is likely to be hit sometime in March, and a break above this resistance could free up the path for a rally all the way back up to $900 later on this year.
Potential completion of a bearish 5-0 pattern on PalladiumNotes on the chart
Any Question and comment is welcomed
#Palladium, #XPDUSD #bearish #crab to the pip After making a historical high @888, turning on bearish crab. Target below 800 @785
Last 2 years' ComparisonPerformance table from May 2013 - Oil, Palladium, Wall Street, Platinum, Copper, Gold, Silver in that order.
Should be self-explanatory. I would be interested in any educated conclusions.
Palladium / USD - Looking very BullishPalladium / USD - is looking very bullish.
Four Tentative Up Trendlines.
The last most accelerated Tentative Up Trendline is pushing the price up fast.
Two Resistance lines ahead.
If the price is not breaking the 4th most accelerated Tentative Up Trendline and it gets to the Resistance Lines, price may get exhausted.
If you are Long, taking some profits at the Resistance Lines is not a bad idea.
If you want to Short it, Limit Sell order at Resistance Line Levels, stop loss above the second highest Resistance Line, take profit at 790.
