Palladium Futures (PA1! ), H1 Potential for Bearish Dip
Type : Bearish Reversal
Resistance: 2461.5
Pivot: 2396.0
Support : 2303.0
Preferred case: We see the potential for a bearish dip from our pivot at 2396.0 in line with 78.6% Fibonacci projection towards our 1st support at 2303.0 in line with 61.8% Fibonacci retracement , 100% Fibonacci projection and 161.8% Fibonacci extension . Our bearish bias is supported by price trading under Ichimoku cloud indicator.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 2461.5 in line with 61.8% Fibonacci retracement .
Fundamentals: No major news
Resistance: 2461.5
Pivot: 2396.0
Support : 2303.0
Preferred case: We see the potential for a bearish dip from our pivot at 2396.0 in line with 78.6% Fibonacci projection towards our 1st support at 2303.0 in line with 61.8% Fibonacci retracement , 100% Fibonacci projection and 161.8% Fibonacci extension . Our bearish bias is supported by price trading under Ichimoku cloud indicator.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 2461.5 in line with 61.8% Fibonacci retracement .
Fundamentals: 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
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