Energy Prices Continue To Follow Through On Selling

On September 19, 2012 by TradingDesk

Energy prices have followed through on Monday’s selling, dropping more than 1% Tuesday, and are currently sitting very near the chart support levels established during the rapid sell off. If we trade below these levels, the next major targets are $3.00 for HO and $2.80 for RBOB.

The fundamental picture remains conflicting, as concerns over Iran have been tempered by news that Saudi Arabia is now pumping more crude than it has in nearly 30 years, and the global market remains well supplied.

CLICK HERE for a PDF of this morning’s charts

 

 

 

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