In the long-term outlook, Palladium looks long. In the medium and short term, the price has to get confirmation before trend continuation.
1. Global Trend: Bullish. Medium-term: Bearish. Short-term: Bullish. The price is trading around the [1525, 1650] Support/Resistance zone which has existed since Mar. 2019. Along the distance, this S/R zone played out as an important targeting point for price movements; therefore, it is assumed that the current price fluctuations around the zone are the big capital accumulating a position.
2. The exact next movement will be seen after the price either breaks and closes above 1650 or below 1480. It is possible to see a squeeze to the opposite side of the movement, so be aware of setting the stop-loss aside the stop-limit orders on a breakout—because the price can do a quick turnaround.
3. There are significant liquidity pockets which the HFT robots can set as targets, so I will set 1300 and 1150 as the targets for short and 1900, 2150, and 2350 as targets for long.
4. The price has recently corrected to a healthy 0.618 Fibonacci; therefore, I assume that the probability of long continuation might overwhelm the short continuation, but with one (1) important BUT: the price has to close 1 or 2 1D candles above 1650. Otherwise, the same scenario applies for short, but with closes below 1480.
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Long Scenario:
🟢 Entry (LONG): Trigger: 1650
🔴 Stop: 1415
🟡 Target 1: 1900
🟡 Target 2: 2150
🟡 Target 3: 2350
🔵 Risk/Reward: 1:3.13
Short Scenario:
🟢 Entry (SHORT): Trigger: 1480
🔴 Stop: 1615
🟡 Target 1: 1300
🟡 Target 2: 1150
🔵 Risk/Reward: 1:2.37
Good Luck! ☺️
# - - - - -
DISCLAIMER: Not financial advice. Everyone must make trading decisions at their own risk, guided only by their own criteria and strategy for opening or not opening a trade.
# - - - - -
P.S. What do you think where the Palladium will go? Leave your thoughts below 👇
1. Global Trend: Bullish. Medium-term: Bearish. Short-term: Bullish. The price is trading around the [1525, 1650] Support/Resistance zone which has existed since Mar. 2019. Along the distance, this S/R zone played out as an important targeting point for price movements; therefore, it is assumed that the current price fluctuations around the zone are the big capital accumulating a position.
2. The exact next movement will be seen after the price either breaks and closes above 1650 or below 1480. It is possible to see a squeeze to the opposite side of the movement, so be aware of setting the stop-loss aside the stop-limit orders on a breakout—because the price can do a quick turnaround.
3. There are significant liquidity pockets which the HFT robots can set as targets, so I will set 1300 and 1150 as the targets for short and 1900, 2150, and 2350 as targets for long.
4. The price has recently corrected to a healthy 0.618 Fibonacci; therefore, I assume that the probability of long continuation might overwhelm the short continuation, but with one (1) important BUT: the price has to close 1 or 2 1D candles above 1650. Otherwise, the same scenario applies for short, but with closes below 1480.
# - - - - -
Long Scenario:
🟢 Entry (LONG): Trigger: 1650
🔴 Stop: 1415
🟡 Target 1: 1900
🟡 Target 2: 2150
🟡 Target 3: 2350
🔵 Risk/Reward: 1:3.13
Short Scenario:
🟢 Entry (SHORT): Trigger: 1480
🔴 Stop: 1615
🟡 Target 1: 1300
🟡 Target 2: 1150
🔵 Risk/Reward: 1:2.37
Good Luck! ☺️
# - - - - -
DISCLAIMER: Not financial advice. Everyone must make trading decisions at their own risk, guided only by their own criteria and strategy for opening or not opening a trade.
# - - - - -
P.S. What do you think where the Palladium will go? Leave your thoughts below 👇
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Visit my Risk Enforcement App → mywarner.app/
Follow me on Telegram → t.me/totsamiykaa
Watch me on YT → youtube.com/@totsamiykaa
See me on Threads → threads.com/@totsamiykaa
Follow me on Telegram → t.me/totsamiykaa
Watch me on YT → youtube.com/@totsamiykaa
See me on Threads → threads.com/@totsamiykaa
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.