Palladium Futures ( PA1! ), H4 Potential for Bearish Drop
Type:
Bearish Drop
Key Levels:
Resistance:
1917.5
Pivot:
1744.0
Support:
1656.5
Preferred Case:
On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly head back down to retest the pivot at 1744.0, where the 23.6% Fibonacci line is.
Alternative Scenario:
Price may possibly continue heading towards the resistance at 1917.5, where the 78.6% Fibonacci line is.
Fundamentals:
There are no major news.
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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.