Energy Prices Recovering

On March 5, 2012 by TradingDesk

Energy prices are recovering this morning, after Friday’s furious sell-off which wiped out the 7-9 cent gains we had on Thursday. Technical studies are moving into neutral territory after remaining firmly in bullish favor over the past two months. Upward slanting trend lines are holding at the moment for both RBOB and HO however, so it’s too early to say that the 2012 spring rally has ended, in fact this would mark the earliest peak in gasoline prices in 30 years if we have topped out.

Global stock markets are largely in the red this morning after China cut its growth forecast by more than 1%, which disappointed many who’s forecasts rely on the unending emerging market growth. European headlines continue to worry investors, with a contraction in PMI readings, rumors of a new Irish bailout and a Greek default giving buyer’s pause.

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