NGI Archives | NGI All News Access
April Futures Reach Key $2.30 Level
The April Nymex contract gained another 6.1 cents to $2.300 onThursday, as the contract continued to move higher following thebreakout from its recent technical trading range. Despite thestrong rally and heavy estimated volume of 72,113 contracts, theupsurge stopped just short of breaking through its next resistancelevel at $2.305.
Normally, when a contract settles at the top of its tradingrange as April did yesterday, that’s considered a bullish sign. Butan analyst warns that April may see some selling pressure today,since the contract failed to take out its resistance level.
“Considering we were stuck in a 10 cent trading range for twoweeks, and that we have risen nearly 15 cents in the last two days,I think people will be itching to take profits,” he said.
The analyst further noted the selling pressure may beanticipated somewhat since many day traders like to close out oftheir positions before the weekend. If selling does ensue, look forsupport at the failed $2.205 resistance level, he said. He placesresistance for April at $2.305, followed by $2.35.
©Copyright 1998 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press,Inc.
© 2023 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |