 Hello, and welcome to the chart of the week video with me, David Madden. Today's date is Friday, the 5th of April, 2019, and the time has just gone, 11.25 BST. This week's chart of the week is Palladium, and now Palladium has had a major rally between August 2018 and its all-time high, which has achieved only the back end of last month. The market rallied from the lows of August 2018 until the all-time high, which has achieved on the 21st of March 2019. The market rallied 94%, so it's a huge upward move in only a few months. But in the last few weeks, we have seen a fairly sizable sell-off in the metal. There's been talk of a rumor, of a bubble in the market, and that has led to a fairly sizable move to the downside. So as we can see here, the market moved sharply lower in the back end of last month. We had the subsequent bounce back, and now we've actually managed to turn lower yet again, and today's low has managed to take off the lows at the end of last month. So this could be seen as the beginning of a move to a beginning of a downward trend. So we have the lower low here, we have the lower high here, and we now have another lower low. So this could be the beginning of a further move to the downside in Palladium. And if we do drop below the 1,300 mark, we could be targeting this area here, the late January low rather, in at 1,273. Should we break below that, we could be heading back towards this level here at 1,200. Not only is 1,200 a big psychological number, which traders often lack out for, we can see back in December and January, about seven or eight times, 1,200 did manage to act as a fairly important point of resistance. It's possible that the old resistance level could become new support as the market should the market move lower from these current levels. On top of that, the reason why 1,200 is also significant is because of retracement. Dow theory tells us that if a market has a retracement of a significant move, it often retraces between 1,300, 1,500 and 2,300 of that particular move. We've seen something similar, the Fibonacci retracement theory also fits in with along those lines. Now, if you use the Fibonacci tool on our trading platform under draw tools, Fibonacci, if you take the level here, 817, the lows here from August, stay here, push it and project it upwards to the recent high of 1585. What we can see here is that it's almost exactly a 50% retracement. If we retrace 50% of the move between the lows of August and the highs of March, 2019, a 50% retracement of that move will be pretty much bang on 1,200. So we have the fact that 1,200 is a big psychological number. It's previously acted at resistance on a few occasions and also equates to exactly 50% of retracement of the move between the lows of August 2018 and the highs of the old-time highs that were achieved in March 2019. So for that reason, I mean, should the market continue to move lower, 1,200 could become a very significant level for the Palladium market. Now, if you look at the really longer term moving Palladium, if you look at the very lows of the commodity route in January 2016, we can see that Palladium has been in a solid and quite an epic upward move for the past three years. And I've actually written an article on our website about some of the reasons that's driving this. If you go to cmcmarkets.com and under news analysis, you'll see this article here, Palladium Driven by Higher Emissions Crackdown. And while I'm going into full detail, it talks about the rise of catalytic converters, the sell-off in diesel vehicles, the likely rise of hybrid vehicles with reduced palladium in their catalytic converters too. That gives you the more full and depth detail of why Palladium has become so more popular in the last few years. But even if you do retrace back to 1,200, it's possible that a wider upward trend that's been in place now for over three years could very well continue. And should the wider upward trend continue, we could be looking at retesting the kind of 1,400 or the most recent high of 1,420, which is achieved in early April. We could be looking at heading back up to those levels. Should we go beyond that? Keep an eye out for the psychological important 1,500 mark. And then if you go beyond that, we could be looking at retesting the all-time high in at 1,585. And if you go beyond that, trainers will be looking up towards the psychological important 1,600. And once we're going to break beyond the 1,600, it's likely we could see further gains to the upside. This before I finish up, if you have any comments to make on this video or any of the other videos here, please feel free to leave review and review. And that's all for me this week. Thank you very much.