PD1! trade ideas
Palladium in Day View Here is My Day View In Palladium with the Target on 1288 (Day FIBO 0.618 Retracement)
If you have Missed my earlier Post on Calling Short of Palladium on the Weekly FIBO Level Hit and Revert.
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Palladium Peak Hit.. Looking For Short on 4H with HEAD FormationPALLADIUM F
Palladium Peak Hit.. Looking For Short on 4H with HEAD Formation
Looking at Long Term Weekly FIBO 1.618 level had been hit, and now shorten 4H Head formation is confirmed.
Looking at Short at this level and Stop above the Weekly FIBO 1.618.
Big Potential down side Reward compare to Stop Level.
Palladium at $4,500? The opportunity you don't want to miss.It is no secret that Palladium is one of the biggest winner of the last 3 years. It's long term chart shows that there is even great upside potential. During 1996 - 2001 Palladium made a +879% rise before it consolidated for more than a decade.
Palladium investors eye a similar pattern. The strongest reason behind this is the Palladium-to-Gold ratio. In 2000/2001 this ratio peaked at 4.2. If it happens again, and there is no reason to believe it won't as the candle sequence that preceded this sharp rise is virtually identical, it will take Palladium's price just above $4,500.
Very good long term opportunity indeed for patient investors.
See our previous 1,367 target on the Palladium/ Gold comparison:
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Palladium Weekly: More valuable than Gold?Trading Indicator: Ichimoku Cloud
Resistance: $1560
Support: $1100 - $979 (618 to 786 Fib retracement). This is also confirmed by the Senkou A & B of cloud.
Momentum: Stochastic and RSI heavily overbought. A steep profit taking pullback would not be surprising.
Trade Setup: Wait for a pullback in Palladium before initiating fresh buys. We are in a sub 4 wave count and larger ABC correction.
Fundamentals: Precious metals are taking a step back and Palladium will not be immune in the short-term as Gold takes a break. US/China trade deal could have an opposite impact on Palladium as such a deal would usher in consumer confidence in the two largest economies. Palladium largest use (60% of value) comes from its use in catalytic converters for vehicles. This rare metal makes the pollutants from vehicles much less harmful. Trade deal could spur automobile purchases in China/India and other parts of the world. Such a deal between the two largest economies could delay recession worries, increase consumer confidence/spending on larger purchases like vehicles, and thus, more demand for Palladium.
Cheers,
Bobby
Even the strongest uptrend needs to have its correctionsPalladium is already 3 years in huge uptrend and we didn´t see any correction down almost for 7 months. We can cleary see, that volume on sell was recently higher then buying volume so I think we will see double top and then we should AT LEAST test local support at 1270, but I think we could go much lower.
Palladium is mainly used in catalytic converters in gas-fueled cars. So in distant future, where there will be probably just electric cars, there will be almost none application for palladium and the price should drop as hell.
Palladium (PA1!) - vroom vroom vroomYou are probably asking what is palladium? It's an important rare earth metal used in electronics, catalytic converters, dental fillings and other industrial uses. Major mines located in US, South Africa, Russia and Canada.
Falls within the same metal family as Platinum.
Use cases:
Automotive - 53% (used in catalytic converters that makes car exhaust less pollutant)
Dental - 11% (dental fillings)
Electronics - 15%
Jewelry - 10%
Other -11%
Global car sales have been on the rise and therefore more catalytic converters needed for US, China and India sales. What an amazing run from January 2016 to January 2018 seeing nearly a 3x in price growth in Wave 1. Global US car sales continue to climb supporting a continued need for Palladium.
Next Move: Palladium eyes 161.8% to $1540 and then faces possible correction.
Trade Idea: Take 25%-50% profits when the ADX hits 50 on the DMI. Stochastic and RSI showing sell signals as overbought. If there is a correction we expect there to be strong support at $1100. If $1100 falls the 200 Week MA will be very strong support.
Regards,
Bobby
