[Video] WTI Weighed Down by Over-Supply Concerns, Silver Finds Support
Matt Simpson May 21, 2021 3:47 AM
Brent and WTI were lower again yesterday as traders became increasingly concerned that sanctions will be lifted on Iran and they will flood the market with oil.
The Iranian President all but confirmed a deal with the US will be made, although European heads have pushed back against its likelihood and the US is yet to confirm any such deal. Therefore, if a deal fails to materialise, oil prices are at risk of ripping higher. But in today video we look at WTI futures to highlight key levels for a bearish scenario, would likely requires confirmation of some sort of deal (or simply the concerns to remain that one is around the corner).
We also take a look at spot silver prices, which are trying to build another level of support in its bullish channel. Then we wrap upon NZD/JPY as this is one to watch should appetite for risk sour for whatever reason. The technicals suggest a top may be forming, but we just need a catalyst to push it lower.
S&P 500: Market Internals
S&P 500: 4159.12 (1.06%), 20 May 2021
- Information Technology (1.86%) was the strongest sector and Energy (-0.12%) was the weakest
- 3 out of the 11 sectors outperformed the S&P 500
- 1 out of the 11 sectors traded lower on the S&P 500
- 355 (70.30%) stocks advanced and 150 (29.70%) declined
- 91.68% of stocks closed above their 200-day average
- 69.7% of stocks closed above their 50-day average
- 49.9% of stocks closed above their 20-day average
- + 8.53% - Enphase Energy Inc (ENPH.OQ)
- + 7.37% - Hormel Foods Corp (HRL.N)
- + 4.61% - ViacomCBS Inc (VIAC.OQ)
- -7.01% - Ralph Lauren Corp (RL.N)
- -4.06% - Discovery Inc (DISCK.OQ)
- -4.01% - Gap Inc (GPS.N)
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