• Palladium reversed from support area
• Likely to test resistance level 2330.00
Palladium recently reversed up from the support area located between the key support level 2200.00 (which has been reversing the price from end of September), lower daily Bollinger Band and the 38.2% Fibonacci correction level of the previous upward impulse from May. The upward reversal from this support area stopped the previous minor ABC correction (ii).
Given the predominant uptrend that can be seen on the daily Palladium charts and the proximity of the support zone surrounding the support level 2200.00 – Palladium can be expected to rise further toward the next resistance level 2330.00 (former support from the end of December).