2021 Week 21 - Chemical industry stocks set to jump?
What a week!
The crash of Bitcoin did stir up the market entering into a risk-off mode. Fortunately, it did not cause the stock market to become a source of funding as the margin was triggered in the crypto market (else we will see flash crash type correction in the indices).
I have pointed out in my Telegram Group the presence of weakness in Bitcoin and Ethereum and the Bitcoin did hit the target zone as per my anticipation.
Market Update
S&P 500 has tested the demand line of the up channel twice with higher low and decreasing supply. The bull has an upper hand to break above the resistance level at 4180.
Bear case: A failure of break above the resistance level at 4180 would signal a test of 4080 or lower. Also watch out for potential up thrust with spike of supply.
Bull case: Commitment above 4180 would suggest at least a test of previous all time high near 4240.
So far, I still favor a bullish scenario. Meanwhile, check out the video below on 3 Chemical Industry Stocks Set To Rise and Rally - $Braskem S/A ADS(BAK)$ , $Chemours Company(CC)$ , $欧林(OLN)$ .
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