The Friday morning market was bearish and relatively thin, as SO2 was taken down below NOK 130 gracefully with forecasts boding well for more precipitation. As the options exercise of SO2 yesterday was completed, a Norwegian trader today spoke of a weather centred market next week, and that the SO2 130 level is right in the middle of the wide 120/140 range, in which the nearest future will be played out.
According to an international trader, next week should be traded further down in the 120s, while today is another head-and-shoulder market. Elegantly through 130A bearish international trader argued this morning that the elegant fall below NOK 130 will be bearishly confirmed and held that a continued downside should be expected next week:-
Freitag, 19.04.2002, 12:18 Uhr
Sara Fagernes
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