Analysis:
When we take a look at the technicals we can see that price is in a downwards trend. We're seeing lows get broken showing us the bearish momentum. Price has recently broken below a key level of previous support which we now expect will hold as resistance. We don't really have any other added confluences to this setup like a trendline or fib retracement...
This is entirely linked to the South African economy, having reached all-time lows against the dollar. South Africa the largest producer of Platinum has suffered significantly due to its inability to keep its lights on, this of course affects the production of platinum and the whole economy. As power cuts intensify platinum and palladium will continue to plummet.
Palladium - 24h expiry
Our short term bias remains
negative.
The primary trend remains bearish.
Preferred trade is to sell into rallies. Previous support at 1395 now becomes resistance.
We look for a temporary move higher.
We look to Sell at 1394.8 (stop at 1418.8)
Our profit targets will be 1334.8 and 1324.8
Resistance: 1373 / 1395 / 1415
Support:...
Last time we looked into Palladium (XPDUSD) is was almost a year ago:
This time the price has formed a Channel Up pattern after breaking above the dashed Lower Highs trend-line form the October 04 2022 High. The price is exactly on the 1D MA50 (blue trend-line) now, near the bottom of the Channel Up, which makes it a technical buy. Our target is the top of...
Palladium - 24h expiry
There is no indication that the selloff is coming to an end.
We look for losses to be extended today.
Short-term oscillators have turned negative.
Expect trading to remain mixed and volatile.
The primary trend remains bearish.
We look to Sell a break of 1501.8 (stop at 1525.8)
Our profit targets will be 1441.8 and 1431.8...
Palladium prices have spiked following the invasion of Ukraine by Russia, the metal’s biggest exporter, yet stabilised further in 2022 as chip shortages and the push for electric vehicles (EVs) depressed automotive demand.
On the supply side, with floods and weather conditions overcome, analysts suggest a palladium surplus in 2023 is possible.
Where next for...
Palladium - 24h expiry -
The primary trend remains bearish.
Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible.
Price action has posted a Doji candle and signals a possible reversal of the recent trend.
The bias is to break to the downside.
Our outlook is bearish.
We look to Sell a break of 1572.9 (stop at...
POTENTIAL BULLISH ENTRY
Dow Theory In Place - higher highs and higher lows Expected in Place (Trend continues)
Formation of bullish flag coupled (continuation pattern)
SL & TP Levels are defined.
Palladium has been consolidating over a strong support line for a couple weeks. Now it is trying to break the down channel. If it breaks we may see a quick 10% move which Palladium loves to do. Next strong resistance area is around 1600. If we manage to clear that region as well, Palladium may return those old strong days again. The main challenges in front of...
Palladium - 24h expiry -
Offers ample risk/reward to buy at the market.
We are trading at oversold extremes.
Trend line support is located at 1420.
Early pessimism is likely to lead to losses although extended attempts lower are expected to fail.
We look for a temporary move lower.
We look to Buy at 1421.2 (stop at 1397.1)
Our profit targets will be...
OANDA:XPDUSD
Hey traders, It seems Palladium after a long downtrend shows first signs of reversals, as mentioned on chart after taking last 4h LH on 13th of March and forming a daily LH also after breaking it's long term trend line possibly ranging in a channel. we need to be patient and see a break then a clean pullback to channel's top zone for possible long trades.
