Palladium Wave Analysis – 19 November, 2021

• Palladium reversed from resistance level 2200.00

• Likely to fall to support level 2100.00                                                                      

Palladium recently reversed down from the resistance area located between the pivotal resistance level 2200.00 (top of wave A from the start of October), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse C from July.

The downward reversal from this resistance area stopped the earlier impulse waves (iii) and C.

Given the strength of the resistance level 2200.00, oversold weekly Stochastic, Palladium can be expected to fall further toward the next support level 2100.00.