• Palladium reversed from support area
• Likely to rise resistance level 2070.00
Palladium continues to rise after the price reversed up from the support area lying between the key support level 1834.00 (which has been reversing the price from the middle of September, as can be seen from the daily Palladium chart below) and the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer – which started the active impulse wave c.
Given the strength of the aforementioned support area, Palladium can be expected to rise further toward the next resistance level 2070.00 (top of the previous waves (iv) and iv and the target for the completion of the active wave (ii)).