Refined Products Have Broken Above The 38% Retracement of Spring Selloff

On July 18, 2012 by TradingDesk

Once again, testimony by the FED chairman threw markets for a loop Tuesday, with the press release of his testimony sending markets US equities lower by 1% or more, only to recover later in the afternoon as every syllable was parsed for a hint that more QE was on the way. He’s back on the hill again today, and while no major news is expected from his testimony, the manic behavior is likely to continue as long as the uncertainty surrounding their policy decisions remains.

Energy markets had a mixed day, but maintained their recent upward trend. Both HO and RB pulled back after making early runs at into the upper $2.80 range, and charts continue to move further into bullish territory. Products have now broken above the 38% retracement of their spring selloff, with the next natural retracement level coming in around the $3.00 range.

 CLICK HERE for a PDF of this morning’s charts

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