Palladium is significant again

• Posted by Greg Harmon
• on June 18th, 2015

Seems like the last time Palladium was significant was when the New York City nightclub was the place to be in the 1990’s. Steve Rubell and Ian Schrager (the Studio 54 guys and later Morgan’s and other hotels) turned it into a nightclub in 1985. Prior to that everybody played there and the scene could get, shall we say, a little raucous. There was a famous shooting there in 1990 and the place closed in 1997 and was razed. Now New York University has a dorm sitting on the spot.

Those were the days. But Palladium is starting to look significant again. No, the club is not making a comeback. Palladium the metal is what I am talking about. Take a look.

The weekly chart above shows why Palladium is looking important. The price is sitting just under the 200 week SMA. After a long run higher from the depths of 2009 to the peak in 2011, and then a sideways consolidation for nearly 5 years, the downside is starting to gain favor. It has not been since 2009 that the price of Palladium has closed under its 200 week SMA. With 2 days to go will it hold up this time?

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