[Video] Oil tries to carve out a volatile base
Matt Simpson March 29, 2021 4:24 AM
Oil prices have been turbulent over the past week but we see clues that it may be trying to carve out a swing low.
We also take another look at the Euro STOXX 50 and DAX indices, as they close in on their record highs. And palladium, which has been a strong performer more recently is showing signs it is preparing for its next leg higher.
Updates to previous videos:
- Elie Lilly (LLY) broke and closed above 184.00, so we’ve now removed it from the watchlist. It fell over -6% since the initial video so the bias worked out quite well, although it didn’t quite reach the gap support target around 176. Still, there may be opportunities further out once its current counter-trend move has run its course.
- Copper prices didn’t extend their lows beneath $4.00 and instead bulls took it to a two-day high on Friday. Price actions remains choppy though and it shows the potential to form a triangle on the daily charts. So it's one we’ll continue to monitor for long opportunities, in line with our core bias, as perhaps the low has already been set.
S&P 500 (1.66%) 26 March 2021
- The index closed -0.23% below its 52-week high
- 452 (89.50%) stocks advanced and 53 (10.50%) declined
- Energy (2.6%) was the strongest sector and Communication Services (-0.341%) was the weakest
- 8 out of the 11 sectors outperformed the index
- 91.88% of stocks closed above their 200-day average
- 82.38% of stocks closed above their 50-day average
- 77.82% of stocks closed above their 20-day average
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