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Palladium

Market Opportunities - 24/11/2021

24 November, 2021

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

PALLADIUM weekly uptrend opportunity based On 1.00 Lot Calculation:

  • RECENT PRICE ACTION: Palladium has fallen around 13% over the past week to test its lowest rate since early October, not far from its May low (1833).
  • EVENT: CHIP SHORTAGES FOR THE AUTO INDUSTRY NEARLY OVER (MORGAN STANLEY). Morgan Stanley says that Malaysian semiconductor fabrication plants are back at 100%. Meanwhile, Toyota said that they will return production lines to normal in December after 7 months of disruption. They plan to produce 800K vehicles, UP from previous estimates of 760K.
  • PALLADIUM USE: Palladium finds use in car’s catalytic converters, meaning that if demand for cars rises, therefore, demand for Palladium could rise as well. According to the latest estimates, car production across the world should improve.
  • PALLADIUM IS STILL IN DEFICIT IN 2021: The market is expected to remain in deficit of around 1 million ounces, up from 2020’s 145,000.

PALLADIUM, November 24, 2021
Current Price: 1864

PALLADIUM

Weekly

Trend direction

UP

Resistance 3

2640

Resistance 2

2390

Resistance 1

2100

Support 1

1630

Support 2

1480

Support 3

1350

Example of calculation base on weekly trend direction for 1.00 Lot*

PALLADIUM

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

77,600.00

52,600.00

23,600.00

-23,400.00

-38,400.00

-51,400.00

Profit or loss in €**

69,088.32

46,830.48

21,011.40

-20,833.33

-34,188.03

-45,762.11

Profit or loss in £**

58,012.62

39,322.99

17,643.01

-17,493.50

-28,707.28

-38,425.88

Profit or loss in C$**

98,278.85

66,616.85

29,888.93

-29,635.63

-48,632.83

-65,097.07

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 09:30 (GMT) 24/11/2021
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

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