Palladium Sets Up Another Double Top Pattern / Commodities / Palladium

Is this Double-Top setup in Palladiumanother warning of a potential downside price move?  Back in April 2018, we issued a Double-Toppattern warning in Palladium which preceded a downside price move of nearly28%.  We believe this new Double-Toppattern may prompt a downside price move of nearly 20% – targeting the $1240level.

April 18, 2018:PALLADIUM RALLY DRIVING OTHER METALS TO MOVE?

This Weekly Palladium chart highlights theYELLOW Double-Top pattern formation that we believe may prompt a new downsideprice move.  Our expectations are thatany new price weakness in Palladium will push prices down to the BLUE Fibonacciprojected target level near $1240. Additionally, should price break through the $1240 level, the nexttarget levels are $1000 and $1060.

Palladium is a component that is related to industrial output and economic output for many industries; Automotive, Technology, Medical Devices and Equipment, and many others.  A decrease in demand for Palladium would indicate a decreased demand for a broad swath of global industry leaders. 

This would likely result in a decreasing or weakening global economic outlook and, potentially, be an early warning sign that the global stock markets are about to enter a period of extended price weakness.

Pay very close attention to the $1450 to $1475 level in Palladium.  These levels are the most recent support levels from previous triggers.  Price weakness below these levels would be a strong indication that Palladium may continue to move lower targeting the $1240 level or lower.

Look at my trend analysis chart for Palladium. Yes, it is in an uptrend but as of the last trading session it is now trading at an extreme overbought level which typically means sellers should step into the market at any time.

See my current trend and trade signals for the SP500 index here.

Now is the time to plan and prepare for these incredible price swings in the global markets.  The next 18-24 months are certain to present technical traders with countless opportunities for success with these bigger price moves. 

Our recent calls in the markets have resulted in over 42% in total gains over the past 60 days.  Isn’t it time you learned how www.TheTechnicalTraders.com can help you find and time better trades?

Become a Technical Trader and Profit with Us

Chris Vermeulen
www.TheTechnicalTraders.com

Chris Vermeulen has been involvedin the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader,and is the author of the book: 7 Steps to Win With Logic

Through years ofresearch, trading and helping individual traders around the world. He learnedthat many traders have great trading ideas, but they lack one thing, theystruggle to execute trades in a systematic way for consistent results. Chrishelps educate traders with a three-hourvideo course that can change your trading results for the better.

His mission is to help hisclients boost their trading performance while reducing market exposure andportfolio volatility.

He is a regularspeaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chriswas also featured on the cover of AmalgaTrader Magazine, and contributesarticles to several leading financial hubs like MarketOracle.co.uk

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