Natural Gas on the Nymex had a volatile week, reaching for new highs in the first noisy trading sessions and then closing 1.69% lower than the previous one at $3.00. Thursday’s storage report showed a 46 Bcf build which is moderate for this time of year while the working underground stocks’ refill season will go on for another month. Some seasonality looks like starting being integrated on the price, yet we still need to clarify this new upper band of this range bound price we are going to see for the coming weeks. After this latest rally, it seems like a plateau is being formed around the $3.00. I still believe that selling the rallies is the appropriate strategy. Based on longer term technicals, I do not want to buy the market for a longer period, not before a sustained break above the $3.10. Opportunities are to be found naturally on signs of exhaustion, on daily, for monthly trading, 4hour and hourly charts for the short term. MACD and RSI offering precision in entry decisions and stops in both plays. Dimitris Kontoulis.
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