Palladium: ⬇️ Sell
– Palladium reversed from strong resistance level 1350.00
– Likely to fall to support level1200.00
Palladium recently reversed from the resistance zone between the strong resistance level 1350.00 (former strong support from November, March and May), 20-day moving average and the 38.2% Fibonacci correction of the downward impulse from April.
The downward reversal from this resistance zone started the active short-term impulse wave b.
Given the strong daily downtrend, Palladium can be expected to fall further to the next support level 1200.00 (which stopped the previous impulse wave 3).