[Video] Copper and Oil Remain Firmly at their Highs
Matt Simpson April 20, 2021 4:35 AM
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.
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
- + 3.6% - Albemarle Corp (ALB.N)
- + 1.83% - Morgan Stanley (MS.N)
- + 1.76% - Charles Schwab Corp (SCHW.N)
- -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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