The NYMEX Natural Gas market had a volatile week, going back and forth as we tested the $3.00 level. Friday closed at $2.89, 2% lower that the week before. Trading volumes have finally increased and much resistance is to be found around this area also in the coming weeks. We certainly do not want to buy at this time. The daily MACD also shows bearish signs and underground stocks keep building significantly, close to 100 Bcf every week for the past month. Weather will be mild for the northern part of the US so demand remains moderate for this time of the year. Unless we see a clear uptrend channel above the $3.00, we still prefer to sell rallies at any sign of exhaustion. RSI looks also overbought.
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