TTF is taking a firm shellacking (word of the day candidate) today so far!
Yesterday’s move below the trend channel has followed through strongly, with Winter TTF trading around €68.20/MWh as I write.
€70 was a major downside target, so the market has reached that level—and then carried straight on without stopping to say hello.
The chart now looks pretty overstretched down in the near term, so some kind of technical bounce wouldn’t be a surprise but let’s see. Of course, fresh bad news could put risk premium back into the market quickly, however, this is interesting.
As ever, one strong move doesn’t tell us the whole story. But yesterday’s bearish signal certainly hasn’t wasted much time introducing itself.