Palladium weekly uptrend opportunity based On 1.00 Lot Calculation:
- Palladium has fallen significantly recently to trade below the mark of 2400 again. In fact, Palladium has retreated from its March 2020 high of 2534.50, managing however to stay above its 100 Day Exponential Moving Average.
- Analysts believe 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 again be 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, January 11, 2021
Current Price: 2350
|
Palladium |
Weekly |
|
Trend direction |
|
|
2600 |
|
|
2550 |
|
|
2450 |
|
|
2260 |
|
|
2225 |
|
|
2180 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
Palladium |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
25,000.00 |
20,000.00 |
10,000.00 |
-9,000.00 |
-12,500.00 |
-17,000.00 |
|
Profit or loss in €** |
20,499.03 |
16,399.22 |
8,199.61 |
-7,379.65 |
-10,249.51 |
-13,939.34 |
|
Profit or loss in £** |
18,515.23 |
14,812.18 |
7,406.09 |
-6,665.48 |
-9,257.61 |
-12,590.35 |
|
Profit or loss in C$** |
31,890.00 |
25,512.00 |
12,756.00 |
-11,480.40 |
-15,945.00 |
-21,685.20 |
* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 9:23 a.m. (GMT) 11/01/2021
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