On Good Friday (I forgot no trading) I wrote the following….Prices dropped below $2.00 and suggested closing below that important area but found some minimal support. A close below that level sill suggest additional declines will be coming. Today will provide some important indications for the May contract and bias objectives going into the historically strong summer (power demand) season. Well — there was no trading on Friday and the market remains at the Thursday close.
There are no technical indications of a positive bias entering or even attempting to enter this market (that in itself leaves me with a positive bias). While total volume has on balanced declined since mid – February, particularly since the March high, average daily volume increased significantly during a period that it typically does not (volume is historically subdued during a shortened week, this past week Thursday was the highest volume day since the 03/21 upside reversal day). Increasing volume as price falls is technically negative.
