Palladium Futures ( PA1! ), H4 Potential for Bearish Drop
Title: Palladium Futures ( PA1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 1839.0
Pivot: 1640.5
Support: 1734.5
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 support at 1734.5, where the 61.8% Fibonacci line is before heading towards the pivot at 1640.5, where the previous swing low is.
Alternative scenario: Price may possibly head back up towards the resistance at 1839.0, where the 50% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 1839.0
Pivot: 1640.5
Support: 1734.5
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 support at 1734.5, where the 61.8% Fibonacci line is before heading towards the pivot at 1640.5, where the previous swing low is.
Alternative scenario: Price may possibly head back up towards the resistance at 1839.0, where the 50% Fibonacci line is.
Fundamentals: There are no major news.