There sure as hell is something going on, very powerful forces at work here for sure. Constant large orders on the sell side to keep it down or perhaps just selling down, but where are the notices? I can't believe anyone would risk short selling on any scale as if you sold at say $1.28, how do you force the price down to $1.25 with any certainty in the face of a rising energy market tro buy back at a profit? On the bright side, some strong buying as well but not enough for it to match the energy index which was up just over 1%.
In the AFR today some analysts are saying oil is now oversold and although it could possibly go lower if this current downtrend overshoots, overall it should bounce back quite strongly as OECD production and inventories are low and the cold snap in USA & Europe should start to lead to increased demand.
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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