FT : Oil prices look due a technical correction

Oil prices look due a technical correction

Bulls have been burned by betting on rally in recent weeks
Here are some oil market technical indicators for investors to consider.
The week started with Brent hitting its lowest in nearly six years, and by mid-session on Monday taking its slide over the past six months to nearly 55 per cent.

The decline has accelerated of late — the price shedding 33 per cent over the past 30 trading days.
That took the Brent crude price’s 14-day relative strength index, a momentum gauge, to 15.7, near historic lows and deeply in supposedly “oversold” territory.
The falls are being matched in the US-traded WTI contract.
Indeed, the WTI price is now 47 per cent below its 200-day moving average, which as Strategas Research calculates is significantly more than two standard deviations. A very unusual overshoot.

As Danske Bank notes the latest futures data shows “speculators added net longs in oil for the second consecutive week, sending non-commercial positioning in the black gold to levels last seen in November”.
Still, technical analysts at Barclays believe WTI may pause for a time.
“While the absence of bottoming patterns in price makes us reluctant to call for a base, we do expect a period of consolidation. This is further backed by stretched momentum studies across all timeframes.”
Watch WTI support at $45.37 a barrel, says Barclays

>>> US Gapping Up

Gapping up In reaction to strong earnings/guidance: AEGR +8.4%, LULU +7.5%, EXPR +6.1%, BLFS +4.8%, BURL +4.4%, PRCP +4%, HOLX +3.3%, AFFX +3%, NLS +2.3%, HCA +1.9%, KKD +1.4%, AMDA +0.5%

M&A news: FMI +116.3% (enters a broad, strategic collaboration with Roche (RHHBY) in the field of molecular information in oncology), TKMR +48.1% (Tekmira Pharma and and OnCore Biopharma Announce merger agreement to create global Hepatitis B virus company), NPSP +8.6% (to be acquired by Shire (SHPG) for $46.00 per share), QGEN +1.2% (acquires Enzymatics Enzyme Solutions Unit)

Select Biotech related names showing strength: RMTI +4.4%, KITE +2.3%, ACHN +1.6%, ARNA +1.3%

Other news: CPXX +20.3% ( announces the publication of Phase 2 data evaluating CPX-351 in adult patients with first-relapse acute myeloid leukemia), ABGB +15.2% (cont strength following late breaking news on Friday), AGEN +13.8% (favorable commentary on Friday's Mad Money), BMY +6.5% (Phase 3 study of Opdivo compared to docetaxel in patients with second-line squamous cell non-small cell lung cancer was stopped early; met its endpoint), SSH +5.9% (provides update; concluded 2014 with 40 enrollments, 21 activated centers, and 12 additional centers committed to participate), OCLS +4.7% (enters into agreement to sell Ruthigen (RTGN) shares for $5.5 mln in event of Ruthigen merger), RIGL +4.6% (announced various updates to its programs and financial status), SUNE +3.8% (SunEdison and Omnigrid Micropower Company announced that they have signed a framework agreement to develop 5,000 rural projects), FRO +3.6% (still checking), AA +1.7% (ahead of earnings later today), PSTI +1.7% (issues letter to shareholders), CLTX +1.6% (announces FDA allowance of IND for Clinical Development of MRX-6 Cream in Atopic Dermatitis, DBVT +1.3% (announces publication in the Journal of Allergy and Clinical Immunology of data demonstrating that epicutaneous immunotherapy may influence the natural history of allergy), BIIB +1.1% (to expand neuropathic pain portfolio with the acquisition of Convergence Pharmaceuticals)

Analyst comments: BLCM +3.2% (initiated with a Buy at Jefferies, initiated with a Overweight at Piper Jaffray), WIN +3.1% (upgraded to Buy from Neutral at BofA/Merrill), FTR +1.8% (upgraded to Buy from Neutral at BofA/Merrill), PCAR +1.2% (upgraded to Outperform at RBC Capital Mkts), ALK +0.5% (upgraded to Buy from Hold at Evercore ISI)

(BFW) P. Telecom Says Shareholders May Consider Suspending Meeting

BN 01/12 13:38 *PT SAYS APPROVAL OF PT PORTUGAL SALE DEPENDS ON SHAREHOLDERS
BFW 01/12 13:38 *PT SAYS SHAREHOLDERS MAY CONSIDER SUSPENDING MEETING
BN 01/12 13:38 *PORTUGAL TELECOM COMMENTS IN REGULATORY FILING
BN 01/12 13:37 *PT SAYS SHAREHOLDERS MAY CONSIDER SUSPENDING MEETING
P. Telecom Says Shareholders May Consider Suspending Meeting
2015-01-12 13:52:54.112 GMT


By Joao Lima
(Bloomberg) -- Portugal Telecom SGPS says shareholders may
consider it appropriate to suspend today’s shareholder meeting,
according to a regulatory filing.
* During shareholder meeting, the approval of the sale of PT
Portugal by Oi depends on exclusive decision of Portugal
Telecom SGPS shareholders
* An announcement with complementary information will be
disclosed to the market this week following ongoing contacts
with securities regulator CMVM
* NOTE Earlier: PT Workers’ Union Will Request Suspension of
Shareholder Meeting Link
Statement: Link


Link to Company News:{PTC PL <Equity> CN <GO>}
Link to Company News:{ATC NA <Equity> CN <GO>}

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To contact the reporter on this story:
Joao Lima in Lisbon at +351-21-340-4570 or
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To contact the editor responsible for this story:
Henrique Almeida at +351-21-340-4634 or
halmeida5@bloomberg.net

Reuters - Airbus in talks with regulator on ejectable 'black boxes'

Airbus in talks with regulator on ejectable 'black boxes'

MONTREAL/PARIS, Jan 12 (Reuters) - Airbus has begun talks with a European regulator to make ejectable flight recorders available on its two largest models, the A380 and the new A350, potentially making them the first commercial planes to use the technology.

The European company said that further ahead it could also expand the use of ejectable recorders, which combine voice and data recordings, to new versions of its A330 and A320 jets.

The talks with the European Aviation Safety Agency (EASA) come as global aviation authorities consider recommending the devices to make it easier to recover evidence in cases such as the Dec. 28 crash of an AirAsia jet, whose data recorder was recovered on Monday but whose voice recorder is still missing.

Used in military planes for decades, ejectable or "deployable" recorders separate from the tail during a crash and float, emitting a satellite distress signal.

"Airbus is working with EASA ... and other stakeholders to advance the approval of such a solution industry-wide," an Airbus spokesman said, adding there was no indication when the devices might be in use.

"In the future, applicability for our other aircraft products could be likewise considered, but presently we have decided to focus on the A350 and A380," he added.

EASA declined to comment.

Recommended by investigators after an Air France A330 jet crashed in 2009, ejectable recorders are gaining support at the U.N.'s International Civil Aviation Organization (ICAO).

A proposal recommending that new commercial aircraft certified after 2016 be equipped with them is to be heard by ICAO's Air Navigation Commission this month.

If approved, following a three-month consultation among 191 member states, it would likely appear in a new package of ICAO standards in 2016 and could come into force from around 2021. ICAO's standards are not always implemented by all members.

The move could benefit existing military suppliers including Finmeccanica's DRS Technologies, which is pushing for ejectable black boxes in commercial aircraft.

However, not all countries appear ready to back the technology, which is seen as only one way of recovering evidence on crashes over water. Others include rolling out lower-frequency locator beacons, under an already approved ICAO standard that would make black boxes easier to find.

Some officials fear relying solely on ejectable flight recorders would take attention and resources away from the search for deep-water wreckage and bodies that can also help solve air crashes and ease the suffering of families.

Boeing has taken the opposite stance over the use of deployable recorders, arguing the majority of its black boxes are recovered within 30 days and citing instances where the alternative recorders have failed on military aircraft