[Video] Oil Roils Shorts with Bullish-Range Breakout
Matt Simpson April 15, 2021 3:56 AM
It was a strong close for oil markets thanks to upgraded forecasts for demand, combined with a shrinking oil supply. But a look elsewhere suggests other commodities could also be set to rally.
Updates to previous videos:
- Tesla (TSLA) produced a two-bear reversal yesterday (Dark Cloud Cover). As noted in yesterday’s video, any signs of a momentum shift could undermine the chances of prices hitting the 795 target from its bullish flag breakout. However, if volatility subsides and prices build a base above the 702 – 721 support zone, then there’s still a chance for the trend to resume. With that said, direct losses from current levels would invalidate the bias and remove it from our bullish watchlist.
- We questioned in Tuesday’s video if Palladium/Platinum The Next Big Pairs Trade? and, for now, the answer is simple: Not yet, but give it chance. Platinum futures are meandering around trendline support and palladium futures are hesitant to break higher from an inverted head and shoulders patterns. But until we see clear momentum reversal on these pairs, the bias remains as outlined in the video.
- Fortune Brands (FBHS) is consolidating near its highs, so the near-term bias remains bullish above the 97.33 consolidation area and for a ruin towards 105 (channel breakout target).
S&P 500 Market Internals
S&P 500: 4124.66 (-0.41%), 14 April 2021
- Energy (2.9%) was the strongest sector and Consumer Discretionary (-1.17%) was the weakest
- 7 out of the 11 sectors outperformed the S&P 500
- 259 (51.29%) stocks advanced and 242 (47.92%) declined
- 94.85% of stocks closed above their 200-day average
- 90.89% of stocks closed above their 50-day average
- 82.77% of stocks closed above their 20-day average
- + 7.89% - Freeport-McMoRan Inc (FCX.N)
- + 6.05% - Diamondback Energy Inc (FANG.OQ)
- + 5.91% - Nov Inc (NOV.N)
- -4.89% - Discovery Inc (DISCK.OQ)
- -3.95% - Tesla Inc (TSLA.OQ)
- -3.74% - Twitter Inc (TWTR.N)
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