🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Stocks And Oil: Breakout Or Bull Trap?

Published 02/26/2016, 03:16 PM
Updated 07/09/2023, 06:31 AM
ESZ24
-
CL
-

After the first hour of trading on Friday, both ES and oil have relinquished their early session gains into new, recovery-high territory, which increases the likelihood that the most recent up-move off of the Feb. 24 lows represents the conclusion of the Feb. advance, rather than the breakout and lift-off from a significant bottom.

That said, this day is very young yet. Nonetheless, so far, it appears that today is not a One-Way Friday, which, if nothing else, should give ES and crude oil bulls pause, especially if strength does not resume late in the session.

E-Mini S&P 500 (blue) Crude Oil

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.