Palladium weekly uptrend opportunity based On 1.00 Lot Calculation:
- Palladium fell abruptly on Monday to return back below the mark of 2400 to trade down 100 dollars below its Monday’s (December 28) high of 2472.50. Palladium prices tried to recover on Tuesday (December 29) to trade above the mark of 2350.
- Analysts seem to be that the recent price drop was of technical nature, while fundamentals are still pointing to a deficit. This in turn may help Palladium prices recover.
- Recent data showed that the Chinese economy has continued to recover along with its car industry, which is one of the largest consumers of Palladium. Palladium is heavily used in the production of catalyst convertors in order to reduce gas emissions.
- In addition to that, Palladium supply could be again expected to come under pressure as South Africa, the second largest Palladium producer in the world, faces a new strain of the coronavirus, which could force some Palladium mines to close again.
Palladium, December 29, 2020
Current Price: 2366
|
Palladium |
Weekly |
|
Trend direction |
|
|
2600 |
|
|
2540 |
|
|
2465 |
|
|
2270 |
|
|
2225 |
|
|
2180 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
Palladium |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
23,400.00 |
17,400.00 |
9,900.00 |
-9,600.00 |
-14,100.00 |
-18,600.00 |
|
Profit or loss in €** |
19,120.62 |
14,217.89 |
8,089.49 |
-7,844.35 |
-11,521.40 |
-15,198.44 |
|
Profit or loss in £** |
17,322.17 |
12,880.59 |
7,328.61 |
-7,106.53 |
-10,437.72 |
-13,768.90 |
|
Profit or loss in C$** |
29,995.06 |
22,304.02 |
12,690.22 |
-12,305.66 |
-18,073.94 |
-23,842.22 |
* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 9:19 a.m. (GMT) 29/12/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details