ALERT: Palladium price plummets $99 to $1,848

New York (Dec 20)  The Head and Shoulder pattern is possibly the most popular and common technical reversal formation. In this setup, we have identified the potential development of an H&S structure.

Palladium, in its hourly chart, is forming a potential head and shoulders formation that could take this precious metal to the bearish side. Currently, the price is moving in what could be its second shoulder in progress.

Palladium

A short trade will trigger if the Palladium breaks and closes below $1,921.07 per ounce.

Our conservative bearish target is located at $1,890.14 per ounce. An extension of the downward movement could drag  Palladium to touch the $1,861.46. The last bearish technical target of this Head and Shoulder setup is placed at the $1,837.26 level.

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