Thursday, September 11, 2014

Palladium:A correction or something bigger?

Palladium (PALL) broke down from its rising channel(blue lines).Next stop is 78-79 where 55 exponential moving average (weekly) and a horizontal line from early 2013 top provide support to palladium price.

Bulls need to see PALL price staying above 78-79 AND RSI(Weekly) above 40.In that case these levels might be a good buying opportunity.On the other hand if price slips below these levels next support level is 74-75 (black trendline from summer 2012 upmove).A PALL price of 74-75 will probably result to a stall of the current upmove and a formation of a trading range.
In the next few days there is a possibility for a reaction of PALL price towards 82 and then a final move towards 78-79.