Palladium (XPD/USD) is in new all-time highs but the move higher is viewed as limited to 2970/3050, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
“Palladium reached new all-time highs at 2965.02. The new high has not been confirmed by the daily RSI and we have a 13 count on the daily chart. We also note the TD resistance at 2970.76 and we would tighten up stops as we are concerned that a move higher will not be sustained. Failure here will shift attention back to the 20-day ma at 2757 which guards the 2491.10 February high.”
“Only an unexpected slip below the 2491.10 February high would make us re-evaluate our longer term bullish view and may lead to further sideways trading around the 2278.99 March low and above the September-to-January lows at 2202.99/2184.67.”
“Above lies psychological resistance at 3000 and a point and figure target of 3050 from the daily chart (10×3).”
