Palladium has confirmed a break of the uptrend line. To add to this signal, the top of this last move up coincides with the 161.80 fib extension level which could have been used as a profit taking level for longs.
A correction from here down to the 1615-1600 level (previous resistance zone) makes sense and this would be an ideal area to look for longs.
Shorting here is a risky option as it is a counter trend trade however previous corrections have been around 10-20% so a move down to the previous mentioned levels is a realistic scenario. Also there is an acceptable risk/reward ratio of approx. 1.4 if using the previous top as a stop loss level.
This analysis is for my own reference. This is not trading or financial advice.
Price Target 1615
ETA Early Dec
A correction from here down to the 1615-1600 level (previous resistance zone) makes sense and this would be an ideal area to look for longs.
Shorting here is a risky option as it is a counter trend trade however previous corrections have been around 10-20% so a move down to the previous mentioned levels is a realistic scenario. Also there is an acceptable risk/reward ratio of approx. 1.4 if using the previous top as a stop loss level.
This analysis is for my own reference. This is not trading or financial advice.
Price Target 1615
ETA Early Dec