Palladium futures are in a corrective Wave C according to my Wave counter. Broke Daily 200 MA and 200 WMA and looks like now have a clear path forward. Daily RSI may be slightly overloaded so there may be a short correction after the immediate ascending but the ending target of 680 figures looks very reachable.
On fundamentals, Palladium hasn´t forwarded the Gold rally therefore has a similar or bigger room to run. Also, looks like there may be a temporal shortage of a supply for this metal: metal.com/newscontent/90545_supply-demand-fundamentals-gradually-tightening-for-platinum-group-metals
Buy: at current levels
SL: 580
TP1: 620
TP2: 650
TP3: 680
On fundamentals, Palladium hasn´t forwarded the Gold rally therefore has a similar or bigger room to run. Also, looks like there may be a temporal shortage of a supply for this metal: metal.com/newscontent/90545_supply-demand-fundamentals-gradually-tightening-for-platinum-group-metals
Buy: at current levels
SL: 580
TP1: 620
TP2: 650
TP3: 680
Trade active
Long moved to profitabilityNote
Moved 24 figuresd in 2 daysTrade active
Nice and solid movement up! Took first profits at 630. The quote may correct during next days as it is quite overbought but I expect it to keep moving up during next weeks.Revised targets:
TP2: 680
TP3: 730
Please check the chart below
Trade closed manually
Expected a bounce down to 615 but the quote kept running. Therefore, 12345 setup wasn´t the valid one and that was "only" an ABC movement. Got some nice profits from it! Following this metal now for forther trades
Note
If US Dollar starts to decline, new longs are very welcome next week!
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.