Palladium Futures---Palladium futures in the December contract is currently trading at 1,629 after settling last Friday at 1,600 continuing its bullish momentum hitting an all-time high once again as strong demand continues to fuel prices higher.
I was looking at a bullish position a couple of days back but was not executed as I am currently sitting on the sidelines, however if you are long a futures contract I would stay long as I think higher prices are ahead and if you've been following any of my previous blogs you understand I think prices could hit the 2,000 level. Palladium is trading far above its 20 and 100 day moving average as this is the strongest precious metal as I do not have any recommendations out of this sector at the current time.
If you are long a futures contract I would continue to place the stop loss under the 10 day low standing at 1,518 as an exit strategy, however the chart structure will improve next weeks trade therefor the monetary risk will be lowered as I see no reason to be short as that would be counter-trend trading which is very dangerous over the course of time
CHART STRUCTURE: POOR
If you are looking to contact Michael Seery (CTACOMMODITY 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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