Energy Futures Continue Their Recovery Rally

On April 25, 2013 by TradingDesk

Energy futures continued their recovery rally Wednesday, boosted by a surprise drop in gasoline stocks in the DOE report, and on false rumors that BP Whiting – the Chicago area behemoth that’s been down for months upgrading its crude units – which sent WTI crude through resistance at $90. The rally has continued overnight, as commodities from metals to grains to energy are all moving higher following a weaker US Dollar. If this bounce is to be considered merely a correction of a larger bear market, resistance at $2.87 for HO, the $2.80 area for RBOB and $92 for WTI should hold and we should end the week on a weaker note. If this rally continues through the end of April however, the bear trend will be broken and we may be facing another extended increase in prices.

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