• Palladium reversed from support area
• Likely to reach resistance level 2755.00
Palladium recently reversed up from the support area located between the key support level 2550.00 (former multi-month resistance from January) and the 38.2% Fibonacci correction of the pervious sharp upward impulse (i) from the start of March. The upward reversal from this support area continues the active minor impulse wave 3 which is a part of the longer-term impulse wave (3) from the end of January.
Given the prevailing uptrend, the strength of the nearby support level 2550.00 – Palladium can be expected to rise further toward the next major resistance level 2755.00 (top of the pervious impulse wave (i) – which stopped the sharp uptrend at the start of 2020).