Taking a step back, one can see the massive cup-with-handle formation spanning almost 7 years. While not exactly a textbook formation (see William O'Neil's How to Make Money in Stocks), it still exhibits the bullish technical characteristics that chartists look for.
Palladium reached a high of $862/oz. in February 2011 and consolidated under that level for four years. Just a few weeks ago, in the same mid-June rush that saw gold and silver break out, palladium broke above the $862 resistance level. As of today, palladium is still within 3% of its breakout price so I believe this is a very good point of entry. To limit your risk, you could consider a placing a stop around the $820 level. In terms of a price target, it's blue skies above. I'm thinking $1,000/oz. is a no-brainer with a real chance of reaching $1,400/oz before the next meaningful consolidation. Just keep in mind that this is a monthly long-term chart so be prepared for daily swings that test your resolve.