Palladium Setting Up For a Move Lower

A pure price action setup which could see Palladium en route to test 700, the 2014 lows.

thinkforex palladium

Commodity Trading?

Price is within a downtrend but correcting between 730 and 806.50 . The last test of 806.50 saw a Dark Cloud Cover, rejected b the 50 and 200 day MA’s which raises the potential for this to be the final high of the correction and for price to now resume its downtrend, with a break below 729.60 required to confirm.
I have also highlighted a Bear Flag with a Shooting Star Reversal respecting the Montly Pivot and confirmed with a subsequent bearish close. Any retracements within yesterday’s candle may provide opportunity to get short wth a stop above the 781.75 swing high with initial targets at 747 and 730.

A break below 730 would then target 700.

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