Is the bullish run coming to an end? CME Palladium down to $1,463.5 (-0.31%)

While the Palladium future is on a 6 day uptrend Now turning against its recent performance, Palladium recovering almost all the way back to $1,468 today, after dipping down to $1,438.5.

Palladium is currently trading at $1,463.5 following the release of ISM Manufacturing PMI (Mar) data from the United States.

Amid the market gloom, United States ISM Manufacturing PMI (Mar) came out at 46.3, while a consensus of analysts was expecting 47.5. United States ISM Manufacturing Employment (Mar) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 49.1. United States ISM Manufacturing Prices (Mar) released today at 14:00 UTC with a figure of 49.2, while the previous figure was 51.3.

Palladium made an initial break below its 5 day Simple Moving Average at $1,447, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Palladium's upper Bollinger Band® is at $1,508.57 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts CME Palladium to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Palladium is expected to attract significant bearish sentiment in the coming days.

Furthermore, United States JOLTs Job Openings (Feb) is expected tomorrow at 14:00 UTC.

The Palladium future is up 9.03% from the significant low of $1,346.4 it hit 26 days ago.