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Palladium Sets Up Another Double Top Pattern - Chris Vermeulen (04/07/2019)

Palladium Sets Up Another Double Top Pattern - Chris Vermeulen (04/07/2019)
By Chris Vermeulen 3 months ago 4429 Views No comments

July 04, 2019

Is this Double-Top setup in Palladium another warning of a potential downside price move? Back in April 2018, we issued a Double-Top pattern warning in Palladium which preceded a downside price move of nearly 28%. We believe this new Double-Top pattern may prompt a downside price move of nearly 20% - targeting the $1240 level.

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

This Weekly Palladium chart highlights the YELLOW Double-Top pattern formation that we believe may prompt a new downside price move. Our expectations are that any new price weakness in Palladium will push prices down to the BLUE Fibonacci projected target level near $1240. Additionally, should price break through the $1240 level, the next target 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?



Chris Vermeulen has been involved in 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 of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris also contributes market insight to several financial hubs like SprottMoney.com


The views and opinions expressed in this material are those of the author as of the publication date, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott Money does not guarantee the accuracy, completeness, timeliness and reliability of the information or any results from its use.You may copy, link to or quote from the above for your use only, provided that proper attribution to the source and author is given and you do not modify the content. Click Here to read our Article Syndication Policy.

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