Dutch TTF Gas gapped higher overnight to test the critical 51.54 resistance level featured in our reports for months now. With the market bouncing off this key line in the sand, the near-term trend hinges on whether Friday’s high of 49.435 gap support holds.
At the end of a quiet week in TTF, Friday’s low of just above 48.00 was a win for the Fibonacci support level that our reports identified. This morning’s trade saw a gap up to 49.88 at the open, which gave an opportunity to retest the 51.54 Fibonacci resistance level that has long been a feature in the Gas report. If we could leave 51.54 under, the Bulls would be encouraged to test the further upside target of 52.60.
Today’s price action saw that test of 51.54 and bounced off within 5 ticks, to which the Bears replied with a sell-off before lunch. Buyers then replied to protect the 49.435 level and it remains to be seen what happens as we go towards the close (of liquidity) this evening.
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Clive Lambert FSTA – FuturesTechs
25 years of institutional expertise in the UK and European Energy Markets and 10-time Technical Analysis award winner. Clive provides industry-standard technical outlook, utilising Market Profile and Candlesticks Analysis for over 100 global trading desks.
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