Technical analysis was originated by Charles Dow in the late1800s as an attempt to interpret recurring historical pricemovements displayed by a group of stocks, which have since evolvedinto today’s Dow Jones Industrial Average. He would have been proudof the natural gas futures market last week. For four days the Maycontract ebbed and flowed within a 10-cent trading range until itbroke higher Friday in a technical buying spree. But as if it werefollowing the same script rehearsed during the prior two tradingdays, the May contract couldn’t hold onto its gains Friday,releasing them in the form of profit taking ahead of the weekend.The May contract capped the week with a 2.7-cent advance to $2.096after notching a $2.15 high.
Articles from Profits
Ohio-based FirstEnergy Corp. reported yesterday that it expectssecond-quarter net income for the entire corporation to take a hitof about $80 million as a result of the supply constraints andsubsequent market volatility in late June that sent spot prices fora MWh of power soaring into the thousands of dollars.