[Video] Has Copper Printed its Low?

Whilst copper’s strong rally found resistance at a near 10-year high last week, recent price action suggests it may have another crack at this key resistance level soon.

Uptrend 2

 


Also in today’s video are two US stocks, Berkshire Hathaway (BRK.A) and Comcast (CMCSA). Whilst Berkshire hit new record highs it shows the potential to continue higher, whilst bullish momentum on Comcast has realigned with its longer-term bullish trend.


Updates to previous videos:

  • The DAX is yet to confirm a head and shoulders top with a break beneath 15,071 support (call it 15,000 to be safe). Yet bulls have failed to step in with any conviction, so the pattern’s potential remains on the table unless prices break above 15,355.
  • Gold’s solid rally yesterday saw prices rebound from its 50-day eMA and close just below 1800. A small bullish flag is forming on the hourly chart, and momentum suggests bulls may have another crack at breaking above 1800 today.
  • Netflix continues to hold above 493.54 support (a key level for bulls to defend) yet prices are struggling to hold above 515.46. It therefore remains a flip of a coin as to which side of the 493.54 – 515.46 range it will break out of but, when it does, it could signal its next directional move.



S&P 500: Market Internals


S&P 500: 4192.66 (0.27%), 03 May 2021

  • Energy (2.9%) was the strongest sector and Consumer Discretionary (-0.66%) was the weakest
  • 6 out of the 11 sectors outperformed the S&P 500
  • 333 (65.94%) stocks advanced and 168 (33.27%) declined
  • 93.47% of stocks closed above their 200-day average
  • 73.27% of stocks closed above their 20-day average

Outperformers

  • + 8.02%   -  Baker Hughes Co  (BKR.N) 
  • + 7.54%   -  Mohawk Industries Inc  (MHK.N) 
  • + 7.16%   -  Gap Inc  (GPS.N) 

Underperformers:

  • - 7.93%   -  Estee Lauder Companies Inc  (EL.N) 
  • - 4.09%   -  Discovery Inc  (DISCA.OQ) 
  • - 4.06%   -  ETSY Inc  (ETSY.OQ) 

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