This morning update comes from me at my phone.
First off, daily chart is either showing us gas prices want to turn here or this is a bear flag. There are multiple areas of resistance, so prices could bounce around a bit on their way back up, or i think we could get in a range until weather/production figures it out for us.
I don’t know what the last weather forecast is showing, but is probably a little colder or a little warmer. The market must have a strong cold signal or prices will fail to go very high.
Because of where the price is, I’m going to assume DCOT positioning will show short position increase; I’m ready to see what the report shows.
2 hr chart is pointing up. It is boring Friday, I dont expect much and I’m staying out on the basis that weather blunders have the biggest window to develop over the weekend. I don’t think the price is unusually low so no long. I don’t see a clear signal to short either so I’m out, holla.