Santos: Upside Break

Technicals | Jun 07 2022

By Michael Gable 

Monday saw the lowest volumes all year for the Australian share market, which shows the level of uncertainty out there. Overnight in the US, the S&P500 Index tried to rally but it closed near its lows of the day.

The S&P500 has made no progress in the past week, and it continues to sit right under resistance near 4200. It will either burst through it and try to add another 5%, or we will see it take another leg down from here and perhaps make a new low for the year.

Clearly, with the trading ranges being fairly tight these past few days, a large move in either direction will be the signal that that is the path markets will want to take next. I expect a decent move to happen at some point this week.

Our charting commentary this week has identified breakouts in some energy stocks, including Santos ((STO)).

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