In the same category

Why $700 Palladium is so Important to Break…

IMG Auteur
Published : January 19th, 2013
272 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Technical Analysis

Below is a chart of Palladium from the bottom of late 2008 until today.
I added Fibonacci Retracement levels, as well as Fibonacci Fan lines.
We can clearly see why price is struggling with the $700 right now, as there is both the 76.40% Retracement level from the bottom in 2008 to the top in 2011, AND the 50% retracement level from the top in 2011 to the bottom of late 2011.
We can see that this $700 level has acted as both support & Resistance during the last 2 years…

Below is a 4H chart of Palladium, showing once again that Fibonacci is clearly at work.
Please note the Negative Divergence between Price and MACD on a 4H basis…

This could mean a short term top is in, and that Palladium could retrace over the next couple of days.
If the top was set yesterday, The first target would be $670, followed by $655 and $642.50′ish (all are Fibonacci levels).

$670 is very likely on a daily basis if price doesn’t break through $700, due to the fact that the middle bollinger band (or 20 days moving average) is currently at $665 and rising (meaning it will soon reach this $670 level), where it should provide (at least some) support.

If $700 would break to the upside, then I expect a lot of technical buyers to step into the market, as we would then have a higher high in price…

PS: if you want to do some technical analysis yourself on Commodities, Currencies or Indices, go to http://www.forexpf.ru/_quote_show_/java/show_...php?type=SnP500 and under “Symbols” you can select the asset you would like to chart.

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Latest topics on forum :
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
2018's 'Short' of the Year
23 Aprpearsallmarc
I really like the idea of this trade. Is there any way to execute this trade with long dated options (on SLV & GLD) or do you have to buy and s...
State of Failure
11 AprThe Recusant1
My, my...James's article almost sounds as if Trump himself might have gassed the people as a deflection and not Syria at all! Why...why...that's co...
State of Failure
09 AprGypsy
The STOCK MARKET trend has been DOWN. In fact, the word after Friday's Crash was "Standby for Monday." In a Moment of Severe Stress, the so-calle...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
05 Aprsirqitous
Seen realistically, however, this was money well spent for TPTB, even if they never get that loan repaid! As free advertising for the MSM cover st...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
03 Aprprljr
The really really really really unfortunate thing is that there are people and i use that word "people" lightly, are for no other explanation that ...
Flat-Earther FINALLY Launches Himself Into The Air, Crashes, Goes T...
28 Marprblmsolved
The really unfortunate thing about this story; For that kind of money he probably could have hired someone with access to a modern performance ...
Drums Along the Potomac
23 MarGypsy2
I see there's a HUGE market for Conspiracy Theories and FAKE NEWS in the U.K. ~ from the Top down. Theresa May runs her Conspiracy Theory up her f...
Drums Along the Potomac
18 MarThemis-1
While I, too, don't give a hoot about the Skripals, the UK cannot tolerate foreign agents running amok and potentially endangering innocent British...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS