Peter Smith
⬤ Palladium's been grinding higher lately, and the daily chart tells a pretty clear story. Price action's locked inside what traders call a rising broadening wedge—basically a pattern where volatility's expanding but buyers keep stepping in at higher lows. The metal recently broke above a short-term descending trendline, which just adds more fuel to the bullish case.
⬤ Here's the thing: every time palladium pulls back, buyers show up. Over the past few weeks, we've seen multiple hammer candles form near rising support levels—that's technical speak for "sellers tried to push it down and failed." It's a solid signal that demand's real, not just some flash-in-the-pan move.
⬤ The momentum's holding up nicely. Latest price action confirms buyers won the recent consolidation battle, and that old resistance trendline's now acting as support—exactly what you want to see in an uptrend. Previous pivot levels played out as expected, which gives traders more confidence that dips are still getting bought.
⬤ Why does this matter? Because palladium's showing the kind of behavior you see in durable trends—not just speculative pumps. When a market keeps attracting buyers despite wider price swings, it usually means there's real conviction behind the move. As palladium trades near the top of its rising formation, holding above key support will be crucial for keeping this rally alive.
Peter Smith
