Palladium Wave Analysis 16 March, 2021

• Palladium reversed down from resistance level 2530.00

• Likely to correct down to support level 2450.00

Palladium recently reversed down from the key resistance level 2530.00 (former monthly high from November rand January).

The resistance level 2530.00 is standing well above the upper daily Bollinger Band – adding to the probability of the intraday downward correction from the current levels.

Palladium is likely to correct toward the next support level 2450.00 (former resistance from the middle of January).