Palladium Wave Analysis – 15 May, 2020

• Palladium reversed from support area

• Likely to rise to 1900.00

Palladium recently reversed up from the support area lying between the support level 1741.00 (former monthly low form April), lower daily Bollinger band and the 61.8% Fibonacci correction of the previous upward impulse (i) from March.

The upward reversal from this support area created the daily Hammer – which started the active impulse wave (3).

Palladium is likely to rise further toward the next round resistance level 1900.00 (which stopped the previous impulse wave (1) earlier this month).