Subject: NYMEX Technical Update
From: [email-masked]
To: [email-masked], [email-masked], [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Date: Thu, 23 Aug 2001 13:24:29 -0700 (PDT)

Price action during Wednesday, August 22 day trading session saw prices trade < 2.990 and settle < 3.040 on prompt continuation.  This implies that the likelihood of lower prices has increased, and that the long term trend has shifted again from bottoming to down.  

Here's the market structure:

3.160	Prices need to trade > 3.160 to weaken the case for a decline to 2.370.

2.811	Current prompt continuation price.    

2.615	Minimum downside target.	

2.370	.852 retracement of 1.020 to 10.100.

2.010	 Most bearish scenario.

Call if you have any questions. LP