This week’s spotlight is on Dutch TTF Gas. It is important to look at ‘psychological levels’ such as the 100 handle. Everyone’s eyes were on the interaction with the level. Let’s see how it played out.
The set-up
TTF came into the week at its highest levels since December 2022 on the continuation chart. Our first bigger-picture target at 93.64 was hit last Friday, with gains to 94.11, and Monday opened with a gap above that level. 94.11 started life as gap support. 100.00 was the obvious next target, and the report was firmly in “Don’t fight it!” mode.
Monday
Price pushed up to 97.64, but the session ended as a Doji More. The important bit: the low was 94.20, so gap support at 94.11 held. Keeping with the Bulls.
Tuesday
A dip to 93.40 found buyers, just above the 93.00 Naked VPOCVolume Point of Control – The price where the most volume we... More, and we rallied to a late high of 97.30. so gap filled but buyers returned on doing this; bullish price action.
Wednesday
We switched to the December contract. The 100 mark was hit, with a high of 100.585, and as often happens when round numbers are reached, sellers and profit-takers stepped in. That left a small green candle with plenty of upper shadow.
We added a steep short-term uptrend line to the chart – providing a “Bullish above”/trailing stop reference.
Thursday
A dip to 95.09 found buyers again, and we rallied to a late high of 99.13. Each pullback this week has been bought.
Friday so far
We gapped up on the open and 99.13 held as support early on, and as we write we’re trading at new highs for the move, with a 103 handle. Trend support moves up to 94.12 today.
What we’re watching
While the uptrend line stays below price (94.12 today), we’re 100% behind the bulls. 99.13 is the gap support from Thursday. Above that, 102.50 and 103.00 are near-term references, then 110.47 is the next ‘bigger-picture’ Fibonacci target.
As TTF closed in on 100.00, our clients & trialists received a ‘History Lesson’ email, where we compared this move with the last time TTF approached 100 from below, in October 2021. DM us if you’d like to be sent that!
If you would like a look at our daily reports across the Energy sector, send a message over and we’ll get you set up straight away. No obligation, just to assess if our levels and commentary can aid your trading strategies.
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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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