Palladium Futures ( PA1! ), H4 Potential for Bearish Drop
Title: Palladium Futures ( PA1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 1835.0
Pivot: 1744.0
Support: 1656.5
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the pivot at 1744.0, where the 50% Fibonacci line is, before heading towards the support at 1656.5, where the previous swing low is.
Alternative scenario: Price may possibly head back up towards the resistance at 1835.0, where the 78.6% Fibonacci projection line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 1835.0
Pivot: 1744.0
Support: 1656.5
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly break the pivot at 1744.0, where the 50% Fibonacci line is, before heading towards the support at 1656.5, where the previous swing low is.
Alternative scenario: Price may possibly head back up towards the resistance at 1835.0, where the 78.6% Fibonacci projection line is.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results