The fall continued this morning, as weather outlooks are the same wet and unsettled as yesterday. Some 1.5 TWh was delivered the last 24 hours, and the spot is under pressure. The V2-03 contract traded down towards its next support area at 245 NOK/MWh, and a Swedish portfolio manager believed that the contract should eventually test new lows. An international trader said the drop has been an overreaction, and pointed to both the weak hydrology and the continental prices.
Technically the V2-03 contract has fallen to a new strong support level, 245/243.50, and has hooked up with a downtrend. When the 255-level broke yesterday, a new target was set. Next, a technical analyst maintained, a bearish pause and a return to 250/251 could be on the cards before the next test on the downside starts, pushing down towards 240. Trends and tendencies
Mittwoch, 14.05.2003, 11:55 Uhr
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