Tatsiana Ketrar
⬤ Palladium just showed us a textbook hammer candle right at a key support level on the daily chart. Price got smacked down during the session but clawed its way back up, basically telling sellers "not today." The metal's still moving inside a rising broadening wedge, which means we're seeing volatility but the overall direction is still pointing up—not a reversal, just noise within the trend.
⬤ That hammer tells the whole story of the session: sellers tried pushing things lower, but buyers stepped in, soaked up everything being sold, and pushed price right back toward session highs. The structure hasn't broken—we're still seeing higher highs and higher lows. This looks like a healthy pullback in an uptrend, not the beginning of something ugly.
⬤ The psychology here is actually pretty bullish. When support gets tested and holds like this, it usually means traders are treating dips as buying opportunities rather than reasons to bail. As long as that horizontal support zone stays intact, these swings inside the wedge are just part of the continuation pattern. The bounce confirms buyers are still in control, even if they had to defend their territory.
⬤ Bottom line: this support level matters. Hold it, and the upward path stays open. Break it, and we're looking at a potential shift toward something more corrective. Right now though? The bulls are still running the show.
Tatsiana Ketrar
