 Hello and welcome to the CMC Markets Chart of the Week video with myself, Market Analyst Dave Madden here at CMC Markets. Today's date is Wednesday 2nd May 2018 and the time has just gone 11.50 BST, British Summer Time. This week's chart of the week is the Metal Palladium. Now we start off looking at the weekly chart to get a big overview of what's been going on in the metal the past couple of years and as you can see here from the lows of early 2016 right up to early 2018 the market has been in a solid upward trend. In that two-year period the metal more than doubled which is quite an impressive move. Now in 2018 and early 2018 January of this year a new record for the metal was set but shortly after that record was reached we saw a bit of profit taking some of the bio of the metal cooled off and the market briefly dipped into bear market territory 20% of the old time high is deemed to be bear market territory and that is what we saw here in April but since then the market has been bouncing back. Now after an exceptional move between the lows of 2016 and the highs of 2018 a 20% correction isn't entirely surprised given that the market didn't really have much of a correction at all in the latter half of 2017. So the wider trend is clearly to the upside but still it's possible we may see some continued weakness in the near term. I flip the chart over now to the daily chart you can see a better view of price action in the past and past number of months so like I stated in 2018 the market created an old time high here and then we saw a classic example of a downward trend in the correction phase so we saw a lower low a lower high a lower low and a lower high and notice how the price has been drifting lower here again and while the price has been drifting lower we can see a steady decline in the positive momentum here and in fact momentum has actually turned negative and it's increasing so we could see the market drift lower in the near term and who knows it could actually look to be test the recent low in the 900 area here actually we break south of the 900 area that will then be creating a new low for 2018 and it could take us back to 871 and never not seen since june and july of last year but as I mentioned the market has been in a upward trend for over two years now so the wider trend is still very much to the upside now in order if the market does start to push higher and the wider trend is in the process of being resumed keep an eye out for certain levels to give an indication that we could be actually resuming the wider upward trend so the first area to keep an eye out for will of course be this red line here the 200 day moving average which comes at play at 800 or sorry 983 now so it actually has both support and resistance in recent months so if it's been significant in the past it could be it makes it more likely that it will be significant in the future and if you go north of 983 the next big number to watch out for will be the big psychological number of 1,000 and if you go north of that a price which could see the end of the downward trend will be the february high of 1,063 for takeout the the february high of 1,063 that could be that could be designed that the negative or the negative trend the the correction was off in january until april is over and if you go north of that it will then be looking towards the all-time high of 11 of 1137 well that's all for me this week thank you very much