Palladium Futures—Palladium futures in the March contract is trading higher by another $37 or 1.97% currently at 1,952 after settling last Friday at 1,846 up about $105 for the trading week and now has traded higher for 15 straight sessions which is remarkable in my opinion.
It looks like a phase one trade deal with China could be written in stone today as that is bullish all commodity prices as most markets are higher today on that news.
If you have been following any of my previous blogs you understand that I thought 2,000 was a real possibility as that could be tested in next weeks trade as there is no resistance at this time due to the fact that we are at all time highs as this market remains strong as I see absolutely no reason to be short.
Palladium prices are trading far above their 20 and 100 day moving average as this is the strongest trend to the upside as it has been relentless over the last month and if you are long a futures contract continue to stay long while placing the stop loss under the 10-day low which currently stands at 1,808 as an exit strategy, however the chart structure will improve on a daily basis therefore the monetary risk will be reduced.
TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
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