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Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Palladium Sets Up Another Double Top Pattern

Commodities / Palladium Jul 05, 2019 - 05:02 AM GMT

By: Chris_Vermeulen

Commodities

Is this Double-Top setup in Palladium another warning of a potential downside price move?  Back in April 2018, we issued a Double-Top pattern warning in Palladium which preceded a downside price move of nearly 28%.  We believe this new Double-Top pattern may prompt a downside price move of nearly 20% – targeting the $1240 level.

April 18, 2018:PALLADIUM RALLY DRIVING OTHER METALS TO MOVE?


This Weekly Palladium chart highlights the YELLOW Double-Top pattern formation that we believe may prompt a new downside price move.  Our expectations are that any new price weakness in Palladium will push prices down to the BLUE Fibonacci projected target level near $1240.  Additionally, should price break through the $1240 level, the next target levels are $1000 and $1060.

Palladium is a component that is related to industrial output and economic output for many industries; Automotive, Technology, Medical Devices and Equipment, and many others.  A decrease in demand for Palladium would indicate a decreased demand for a broad swath of global industry leaders. 

This would likely result in a decreasing or weakening global economic outlook and, potentially, be an early warning sign that the global stock markets are about to enter a period of extended price weakness.

Pay very close attention to the $1450 to $1475 level in Palladium.  These levels are the most recent support levels from previous triggers.  Price weakness below these levels would be a strong indication that Palladium may continue to move lower targeting the $1240 level or lower.

Look at my trend analysis chart for Palladium. Yes, it is in an uptrend but as of the last trading session it is now trading at an extreme overbought level which typically means sellers should step into the market at any time.

See my current trend and trade signals for the SP500 index here.

Now is the time to plan and prepare for these incredible price swings in the global markets.  The next 18-24 months are certain to present technical traders with countless opportunities for success with these bigger price moves. 

Our recent calls in the markets have resulted in over 42% in total gains over the past 60 days.  Isn’t it time you learned how www.TheTechnicalTraders.com can help you find and time better trades?

Become a Technical Trader and Profit with Us

Chris Vermeulen
www.TheTechnicalTraders.com

Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris was also featured on the cover of AmalgaTrader Magazine, and contributes articles to several leading financial hubs like MarketOracle.co.uk

Disclaimer: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Technical Traders Ltd., its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including this report, especially if the investment involves a small, thinly-traded company that isn’t well known. Technical Traders Ltd. and the author of this report has been paid by Cardiff Energy Corp. In addition, the author owns shares of Cardiff Energy Corp. and would also benefit from volume and price appreciation of its stock. The information provided here within should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Technical Traders Ltd. and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

Chris Vermeulen Archive

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