Palladium Futures (PA1!) | H4 Rising into Overlap Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 1,014.50
Pivot: 978.00
Support: 915.50
Preferred Case:
Looking at the H4 chart, my overall bias for Palladium futures (RB1!) is bearish due to the price remaining under the bearish Ichimoku cloud and the descending trendline. 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 above the pivot at 978.00 and rise towards the 1st resistance level at 1,014.50.
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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.