Palladium’s new high has not been confirmed by the daily RSI and this reflects a loss of upside momentum ahead of the all time high at 2878.04, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.
New high not confirmed by the daily RSI
“Palladium is approaching the 2020 peak and all-time high at 2878.04. The high so far has been 2848. While it is underpinned by the 20-day ma at 2680, we cannot rule out further upside attempts. However, we note that the new high has not been confirmed by the daily RSI and this reflects a loss of upside momentum ahead of the all time high and we would tighten up stops as we are concerned that a move higher will not be sustained.”
“The 20-day ma at 2680 guards the 2491.10 February high.”
“Only an unexpected slip below the 2491.10 February high would make us re-evaluate our longer term bullish view and may lead to further sideways trading around the 2278.99 March low and above the September-to-January lows at 2202.99/2184.67 to be witnessed.”
“Above 2878 lies psychological resistance at 3000 and a point and figure target of 3050.”
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