Indecision Reigns For Energy Prices

On November 16, 2012 by TradingDesk

Energy prices remain stuck in the same stare down between Middle East tensions threatening a supply disruption, and economic concerns threatening another financial crisis. Equity futures are trying to rally on news that the White House is holding a meeting with 4 top congressional leaders to come up with a plan for the pending fiscal cliff. Now that technical support has broken down in US Stock indices, the pressure is increasing if the government is going to avoid a serious scolding from the markets for its inaction.

RBOB is trading above $2.70 for the 7th time in 8 days, but it hasn’t once been able to settle above that number. Conversely, HO traded has traded in the $2.95s 7 out of the past 8 days, but has bounced back higher every time. With technical studies in neutral, indecision is likely to reign until a major break in stocks, or a major development in the Middle East, is made.

CLICK HERE for a PDF of this morning’s charts

 

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