$PALL - Time to Take Some Money off the Table?
Palladium has had a fantastic run for 2019 so far, primarily driven by declining global supplies mixed in with rising global demand. In fact, as a result of this trend, the metal has been up 24% so far year-to-date.
However, despite this the stellar trend, recent price action has shown that the rally may be running out of steam. As can be seen, though the price has risen to a 2019 high of $151.35, its technical indicators have failed to follow suit. The SMI and RSI are currently showing negative divergence with $PALL price, as it appears that momentum is coming out of this rally.
As a result, though we think the palladium supply shortage will continue, the $PALL rally is looking a little stretched at the moment. Thus for investors who are currently in $PALL, we would recommend to take some money off the table, while those looking to jump in should wait for a pullback.
However, despite this the stellar trend, recent price action has shown that the rally may be running out of steam. As can be seen, though the price has risen to a 2019 high of $151.35, its technical indicators have failed to follow suit. The SMI and RSI are currently showing negative divergence with $PALL price, as it appears that momentum is coming out of this rally.
As a result, though we think the palladium supply shortage will continue, the $PALL rally is looking a little stretched at the moment. Thus for investors who are currently in $PALL, we would recommend to take some money off the table, while those looking to jump in should wait for a pullback.
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As expected - $PALL fell 3.2%
