Palladium Wave Analysis – 25 October , 2018
October 25, 2018 @ 17:53 +03:00
- Palladium reversed from long-term resistance level 1130.00
- Further losses are likely
Palladium continues to fall after the recent downward reversal from the major resistance area lying at the intersection of the long-term resistance level 1130.00 (which stopped the sharp uptrend in January) and the upper weekly Bollinger Band.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing.
Given the bearish divergence on the daily Stochastic indicator – Palladium is expected to fall further and re-test the next strong support level 1080.00 (former resistance form September).