January rallied nearly$ .50/dt…where it failed again at its 40 – day SMA and just short of the November high ($3.559 v$3.563). Prompt gas traded a range of $.490 between Tuesday and Thursday with January closing $.02 above its opening for the week ($2.280 v$2.260). For the second time in three weeks that prompt gas has closed a few ticks higher than it opened, continuing the interpretation of an indication of indecision.
Average daily volume spiked…with an estimated 3.85mm contracts changing hands (v 2.41mm last week). Increasing volume as price works higher is technically constructive.
