I am talking my book, because I just bought the bullion ETF as a bottom feed (ref. trade log). But much like the buys in Corn and Soybeans last week, Palladium has multiple reasons to take a shot with a low risk setup.
First, the daily chart, which spiked and made a solid pullback to the SMA 200 (996), which it has thus far held (and which, along with the SMA 50 (960) can be used as a caution tolerance. This could well be basing action, prepping to break upward. RSI is stair stepping thus far in an orderly fashion.
I also thought about Platinum, but decided to only add Pd due to its long downtrend and bottom vs. Pt. The Pd/Pt ratio has been laboring in a young uptrend since the spring.
I have no clue why the Palladium seasonal should matter, but the facts of history are that on average the metal rises from here to next March.
Finally, while commercial hedgers have begun to come off of an extreme contrary bullish alignment, they are still very much biased that way.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
