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Bearish Pennant on Daily Chart of Palladium

August 11, 2019 at 23:31 by Vladimir Vyun

A bearish pennant pattern has formed on the daily chart of palladium. Pennants form after a sharp move in one direction is followed by a period of consolidation. Being a continuation pattern, it suggests that movement will resume in the previous direction. In this case, the previous move was down, therefore the pennant is bearish and suggests that prices will continue to move to the downside.

On the present chart, the blue lines show the pattern itself. The cyan line provide an entry point for short positions in the case of a downside breakout, while the green line suggests the profit-taking objective.

You can click on the image to see a full-size version:

The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this palladium pattern. You can also trade it using the free Chart Pattern Helper EA.

Update 2019-08-13: The trade setup has been canceled because the price had invalidated the pattern:

Palladium - Bearish Pennant Pattern on Daily Chart as of 2019-08-13 - Post-Cancellation Screenshot

If you have any questions or comments regarding this bearish pennant pattern on the chart of palladium, please feel free to submit them via the form below.

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