Triangle breakout may hint at another weekly loss

Ascending triangle breakout hints more losses may come

Zooming in further on the four-hour chart reveals an increasingly bearish perspective. Palladium has broken under an Ascending Triangle chart formation. This could open the door to resuming losses that accelerated at the beginning of February.

Immediate support is the 23.6% Fibonacci extension level at 1462.5. Breaking lower places the focus on 1413.5.

The potential trajectory of the Ascending Triangle could see prices make their way towards the 61.8% extension level at 1354, which is closely tied with lows from 2020. Otherwise, in the event of a turn higher, the focus will shift towards the ceiling of the chart pattern around 1530. Further breaking above the latter could open the door to revisiting the early February high at 1698.5.

Palladium Futures four-hour chart

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