This week looks a lot like last week in terms of technical insights. The consensus of technical indicators remains neutral for the third week, before that it was neutral for seven of eight weeks. Typically, the consensus will remain neutral when prompt gas is attempting to define a trading range, with a bias that fluctuates between positive and negative. Despite incremental improvement there is no discernible bias at present.
Market internals, volume and open interest, were neutral. Both increased with prompt gas little changed for the week. The view is that increased open interest while a short – term trade range is defined suggests accumulation ahead of a Q2 rally.
