Commodity Trade Idea: XPDUSD – Trade Corrective Structure | Feb 10

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Commodity Trade Idea: Palladium (XPDUSD) – Looking to Trade the Corrective Structure (4hr chart)

Price Action Context

As we’ve been talking about in our prior market commentaries, Palladium has been in a corrective structure since the parabolic and exhaustion price action late last month.

Since peaking at 2520 and double tapping that level, the precious metal has formed a clear corrective structure between 2520 and 2260.

I’m looking to trade both sides (with a slight long bias) till the structure breaks.

palladium corrective structure 2ndskiesforex

Trending Analysis

ST neutral while inside the structure and MT bullish while 2260 holds on a weekly closing basis.

Key Support & Resistance Levels

R: 2520, 2700

S: 2260, 2148

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