Palladium D1 Our expectations:
Long-term long trend and medium-term short correction. We have a signal of an end of the correction and resuming the long trend. The ongoing correction provides a good opportunity to build long positions with a good risk/reward ratio.
Price action: Pin bar at the zone of support.
False breakthrough 38.2% Fibonacci, the price holds above.
Price below 50SMA and above 200SMA. The moving averages are stacked in a bearish formation.
DeMarker on neutral territory.
Sequential gives a 9 - signal for upcoming upward impulse.
SL: 1204 (deliberately lengthened to prevent stop hunting).
Alternative Scenario: Verified breakthrough below 1250 will likely lead to a continuation of the mid-term short trend.
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