• Palladium falling inside correction (2)
• Likely to fall to support level 2650,00
Palladium recently reversed down from the key resistance level 2865 (former monthly top from the start of June) – strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level 2865 started the active intermediate ABC correction (2).
Given the strength of the aforementioned resistance level 2865 and the deteriorating sentiment as seen across the commodities markets today – Palladium can be expected to fall further toward the next support level 2650,00 (target price for the completion of the active correction (2) intersecting with the 61.8% Fibonacci correction of the previous sharp upward impulse wave (1)).