[Video] Copper and Oil Remain Firmly at their Highs

Both copper and WTI are treading water near their highs in tight consolidations. If they can remain support and break higher, their trends could flourish.

Energy 5

 


Updates to previous videos:

  • Palladium futures hit our 2840 target projected from the sideways channel breakout. The inverted head and shoulders pattern is still in play and projects a target around 2895, but prices are trading around their record highs set February 2020, so we’re happy to step aside for now due to the risk of a retracement due to profit taking.
  • Fortune Brands (FBHS) reached a fresh record high on Friday, although yesterday’s bearish candle is part of a two-bar reversal (Dark Cloud Cover) which would be confirmed with a break of its low at 101.70. Until then, the bias remains for a run to our 105.50 target which is projected from tis sideways channel breakout.
  • Newmont (NEM) has closed lower for two consecutive session after hitting resistance at 65.78. But its still shows the potential to build a base above the 63.63 breakout level before breaking to new highs.
  • Comcast (CMCSA) traded lower with the broader market, but our bias remains bullish above the bullish hammer low on the daily chart at 52.46.




S&P 500 Market Internals:


S&P 500: 4163.26 (-0.53%), 19 April 2021

  • Real Estate (0.29%) was the strongest sector and Consumer Discretionary (-1.13%) was the weakest
  • 10 out of the 11 S&P 500 sectors traded lower
  • 167 (33.13%) stocks advanced and 334 (66.27%) declined
  • 95.83% of stocks closed above their 200-day average
  • 88.69% of stocks closed above their 50-day average
  • 82.34% of stocks closed above their 20-day average

Outperformers

  • + 3.6%   -  Albemarle Corp  (ALB.N) 
  • + 1.83%   -  Morgan Stanley  (MS.N) 
  • + 1.76%   -  Charles Schwab Corp  (SCHW.N) 

Underperformers:

  • -6.94%   -  Penn National Gaming Inc  (PENN.OQ) 
  • -6.17%   -  Altria Group Inc  (MO.N) 
  • -5.91%   -  Enphase Energy Inc  (ENPH.OQ) 

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