Palladium Futures (PA1!) | H4 Potential Bearish Reversal
Type:
Bearish Reversal
Key Levels:
Resistance: 979.00
Pivot: 915.50
Support: 858.00
Preferred Case:
Looking at the H4 chart, my overall bias for Palladium futures (PA1!) is bearish due to the price trading under a descending trendline and the bearish Ichimoku Cloud. The price is rising towards the pivot and could make a bearish reversal off this level to drop towards the 1st support.
Alternative Scenario:
Price may break through the pivot at 915.50 and rise towards the 1st resistance level at 979.00.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.