Palladium Futures (PA1!) H4 | Approaching 78.6% Fibonacci Support
Type:
Bullish Bounce
Key Levels:
Resistance: 1,136.50
Pivot: 1,057.00
Support: 1,005.00
Preferred Case:
Looking at the H4 chart, the price could fall toward a multi-swing-low support and stabilize around this level before reversing to bounce toward the 1st Resistance at 1,136.50.
Alternative Scenario:
Price may break below the Pivot at 1,057.00 and fall towards the 1st Support at 1,005.00.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.