Palladium - 08/10/2021

Micro Analysis

08 October, 2021

For General Information only. Not Intended to Provide Trading or Investment Advice. Your Capital is at Risk.

WEEKLY TREND: UP

Technical Overview:

PALLADIUM RECENT PRICE ACTION: Palladium has lost 1200 dollars (or around 41%) since May 2021, when it hit a fresh all-time high of $3015 per ounce. Palladium has recently fallen below the mark of 2000 to test its lowest rate since May 2020 ($1826.25).
LONG TERM UPTREND: Despite the most recent sell-off, Palladium managed to stay above its long term uptrend line. This could suggest an upward recovery as long as it stays above the uptrend (blue) lines. In addition, Palladium has also managed to stay above the 200-Week Simple Moving Average.
14-WEEK RELATIVE STRENGTH INDEX (RSI): The 14-Week RSI has fallen below the oversold threshold of 30, the lowest since 2016. This might signal a potential upward correction.
RESISTANCE AND SUPPORT LEVELS: If Palladium manages to stay above the uptrend lines and speculators gather up to trade on 14-Week RSI oversold signal, then it might be expected the prices to start recovering, targeting Resistance 1 of 2180. If, however, the prices fail to stay above the uptrend lines, then it might be expected Palladium to continue falling and target Support 1 of 1745.

Graph: Palladium, Daily

Current Price: 1955

PALLADIUM	Weekly
Trend direction	UP
Resistance 3	2620
Resistance 2	2375
Resistance 1	2180
Support 1	1745
Support 2	1550
Support 3	1355

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

PALLADIUM
	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $**	66,500.00	42,000.00	22,500.00	-21,000.00	-40,500.00	-60,000.00
Profit or loss in €	57,514.51	36,324.95	19,459.80	-18,162.48	-35,027.63	-51,892.79
Profit or loss in £**	48,811.64	30,828.40	16,515.22	-15,414.20	-29,727.39	-44,040.58
Profit or loss in C$**	83,367.06	52,652.88	28,206.90	-26,326.44	-50,772.42	-75,218.40

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 13:09 (GMT+1) 08/10/2021
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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