Energy and Equitites Reject Selloff Attempt

On March 19, 2013 by TradingDesk

Energy and stock markets held up remarkably well Monday, rejecting an attempt to sell off heavily in the morning, and gaining ground for most of the afternoon. The debate over the Cypress situation continues to dominate headlines this morning, and has sparked another round of selling in refined products. Both HO and RB are right back where they were yesterday, attempting to break through support at $2.90 and $3.10 respectively. Charts are still mixed, but give slight favor to lower prices in the near term. If these support levels break, both products appear to have around 20 cents to fall before the next layer of support is found. If they hold, expect a 10 cent rise to test their Feb/March resistance levels.

The FOMC begins a two day meeting today, and is expected to leave all current programs in place and unchanged, and QE-Cyprus appears unlikely at this time. Physical markets have been quiet this week with many participants in Houston for the convention formerly known as NPRA, and are expected to go completely silent later this week as all attention turns to the NCAA tournament.

CLICK HERE for a PDF of this morning’s charts

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