• Palladium reversed from support level 2745.00
• Likely to rise to resistance 2900.00
Palladium previously reversed up with the daily Morning Star from the support level 2745.00 (former monthly high from March) – standing near the lower daily Bollinger Band and 38.2% Fibonacci correction of the sharp upward impulse (3) from March. The upward reversal from the support level 2745.00 started the active intermediate impulse wave (5).
Given the prevailing uptrend and the improvement in risk sentiment seen across the commodities markets today – Palladium can be expected to rise further toward the next resistance 2900.00 (which stopped the previous correction B earlier this month).