Energy Markets Holding Onto Fractional Gains

On November 27, 2012 by TradingDesk

Energy markets are holding onto fractional gains this morning, on very light volume as the holiday hangover seems to be continuing. Markets attempted to rally overnight, after the Greek debt can was kicked down the road for a third time, but those gains were erased with a sharp reversal in the EUR/USD which is now lower on the day. Durable goods orders in the US were unchanged in October, a relief to many who were worried about Sandy’s impact on large purchases, but the markets didn’t seem to care.

Like the rest of the financial indicators, technical studies for refined products are providing nothing in the way of clear direction, with most major indicators pointing in opposite directions. Prices do remain closer to upside resistance that downside support however, and if we are able to break through these levels, another rally can’t be ruled out. For the time being however, energy traders seem content to sit back and see how the Fiscal Cliff and Euro dramas play out.

CLICK HERE for a PDF of this morning’s charts

 

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