If you are a metals trader and did not buy Copper earlier this week then you are not really a metals trader. It is up over 5% after moving out of a six month long base. But that is okay. You may have another chance very soon. Palladium looks ready to be the next metal to shift to an uptrend.
The chart below makes the case. The Andrews’ Pitchfork dating back to 2016 dominates the picture. A steady trend higher for 2 years until January this year. And then came the pullback. Mild at first and then a second drop below the 100 day SMA. Since then a bounce over the 50 day SMA and it has been riding that as support. The last 4 months has seen falling trend resistance and Palladium prices are up against that now.
As price challenges resistance, momentum is building. The RSI is lifting off of the mid line with the MACD about to cross up, and positive. These support a move higher. A price close above 1035 would trigger a buy condition and a possible draw to the Median Line of the Pitchfork.
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