Wednesday, 25 September 2019
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The price of vintage 2020 Nordic Hydro is increasing again following a weak period since early August.
Three weeks ago, this product was traded at 59.50 Eurocents, while the latest spread in the market is 78 – 79 cents.
According to sources in the market, many producers sold a lot of volume last calendar year. This now makes it difficult to obtain these GOs at the current price level for players wanting to buy.
If we look at the Simple Moving Average (SMA) for vintage 2020 Nordic Hydro, we see that the price now is higher than both the SMA 18 weeks and the SMA 9 weeks. This is a bullish signal, and it indicates that the price might move even higher.
The Relative Strength Index (RSI) indicates that vintage 2020 has been oversold so far in 2019. The latest RSI-number is around 44.