Let's take a look at the weekly palladium chart since it's very pretty.
It's so, so pretty now, breaking this long trend-line and triangle pattern in a big way.Just look at the explosion of volume. Just a perfect breakout here so far. The thing about trading is you can do it using five minute charts, 60 minute charts, daily or even monthly charts. Really, on any time frame you can find patterns and buy points and each buy point coincides to the time frame you are looking at. When we look at palladium on a weekly chart breakout, it means a long strong move. To annul that, we'd need to close back under $750 on a weekly basis, not daily. Gold and silver look great on longer-term chart as well. Also of note, but it's pretty obvious, is that the size of the moves are also much larger on longer-term charts. All in all, the metals look great this weekend as they come off historic lows. I'm mostly into momentum and swing trading fast movers, not long-term moves like these. In time they will have super and fast moves. But not yet. You can find out more about what I do for members at www.wizzentrading.com. Thank you for your time and reading. Have a great week ahead.
At the time of publication, the author held no positions in any of the stocks mentioned. This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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