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Palladium futures shift spotlight to 2018 lows
Palladium futures could not build on December’s rebound, flipping backwards after confirming a double top pattern around the 1,250 number. The decline re-activated the long-term downtrend from the 2022 top, squeezing the price to a more than a five-year low of 853.49 on Monday. While the market is within oversold territory according to the RSI and the stochastic oscillator, increasing the odds for a relief bounce, the bears may not abandon the fight yet until they touch the 2018 bottom of 812 and perhaps the 800 psychological level near the crucial support line from June 2022. Should downside forces dominate there, ... (full story)