Palladium Technical Analysis Report 05 November, 2020

  • Palladium rising in wave 2
  • Likely to rise to 2428.00

Palladium recently reversed up from the key support level 2170.00 (which is the lower border of the sideways price range inside which the price has been trading from July). This support level was further strengthened by the daily Bollinger Band and by 50% Fibonacci correction of the previous impulse from June. The upward reversal from the support level 2170.00 started the active correction 2.

Given the multi-month uptrend visible on eth daily charts and the improving risk appetitive globally  – Palladium index is expected to rise further toward the next resistance level 2428.00 (upper border of this sideways price range and the target price for the completion of the active correction 2).

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