Technicals and Sentiment Back Up Potential Platinum & Palladium Price Reversals.
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It’s been one hell of a run for sister precious metals Platinum (NYSEARCA:PPLT) and Palladium (NYSEARCA:PALL). Both are at have followed Gold’s footsteps higher, recording big gains in 2016. To be fair, these rallies may not be over. However, price and sentiment data are cautioning investors that the potential for Platinum and Palladium Reversals is high.
Both appear to have run too far, too fast – this is a common characteristic of bear market rallies. And with sentiment running hot and prices at still resistance, investors should be on alert for platinum and palladium reversals.
Here’s what we’re seeing:
- Platinum and palladium primary demand is in catalytic converters (China), jewelry, investment.
- The sister precious metals have both experienced a 30%+ rise year-to-date – like gold.
- Both back near/at former support levels, now resistance, as bullish sentiment is at multi-year highs.
Watch the weekly candles here in the catalytic sisters to see if they go “wick to wick” – bottoms to tops.
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Twitter: @JBL73
The author does not have a position in mentioned securities by the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
