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Bloomberg reported that Matt McKinney of Zaner Group LLC believes that palladium’s rally will continue if prices for the metal break above a pennant formation.
Bloomberg reported that Matt McKinney of Zaner Group LLC believes that palladium’s rally will continue if prices for the metal break above a pennant formation.
As quoted in the market news:
The pennant, formed by a series of lower highs and higher lows with narrower intraday ranges, signals a ‘breakout,’ McKinney said. The price will rise 6.8 percent to $772 an ounce by the end of the month from yesterday’s settlement if the metal tops $754 in the next week, he said. The commodity rose 9.9 percent last month after slumping 12 percent in June. The 50-day moving average topped the 100-day measure yesterday for the first time since May.