The futures market again came under heavy selling pressure onWednesday as new bearish technical factors added to the alreadynegative fundamental outlook. The September contract never had achance, managing to post a high yesterday that matched Tuesday’slow, while slipping 6.6 cents to settle at $1.762. Estimated volumesubstantiated the price move, with a whopping 93,150 contractschanging hands.
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Technicals Push April Futures Lower
The April Nymex contract fell 2.9 cents to $2.292 on Monday,following the spot month’s failed attempt to clear a majorresistance level. “April was in a two hurdle race today, but ittripped on the second hurdle,” a trader told GPI. “On the one hand,April was able to break out of the symmetrical triangle formationby moving above $2.34. However, April immediately fell back once itfilled in the chart gap at $2.355. There were quite a few standingsell orders at that price, so it’s no wonder the contract fellback,” he said.
March 3, 1998
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