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Symmetrical Triangle Pattern Gives Palladium Bulls Hope

August 9, 2020 at 17:32 by Vladimir Vyun

The sideways movement of palladium prices on the daily chart resulted in a symmetrical triangle pattern. Such pattern forms when prices consolidate with higher lows and lower highs, which suggests decreasing volatility. Often such a period of sideways movement is followed by a sharp breakout either to the upside or to the downside. Being a continuation pattern, the symmetrical triangle suggests that in this case, an upside breakout is more likely. With other precious metals performing amazingly recently, it would not be surprising for palladium to join them in the rally to new highs.

The yellow lines on the present chart show the symmetrical triangle itself. The suggested entry level for those traders who want to bet on a move up is situated 10% of the pattern’s width above the upper border of the triangle and is shown by the cyan line. If such breakout indeed occurs, the green line suggests the price level at which traders should take profit.

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.

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

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