• Palladium reversed from resistance level 2478.00
• Likely to fall to support level 2200.00
Palladium recently reversed up from the resistance area lying between the key resistance level 2478.00 (which has been reversing the price from the middle of September, this resistance level is the upper boundary of the sideways price range inside which the price has been moving from September as can be seen below) and the upper daily Bollinger band. The downward reversal from this resistance stopped the previous sharp upward impulse wave 3.
Given the strength of the resistance level 2478.00 and the deterioration of the risk sentiment seen acorns the global commodities markets today – Palladium is likely to fall further toward the next support level 2200.00 (lower boundary of the active sideways price range).