On a higher timeframe basis: We held exhaustion below at $29,075-6,905 with a $28,800 low and bounced $34,725. I warned that holding the exhaustion area and settling back above the $30,205 low was an early warning the macro move down from the high was likely over. The decent trade back above $30,810 (-5 per/hour) has brought in $32,715 of the strength warned about above so far. The decent trade above $41,590-605 projected this upward $4,200 minimum, $11,500 (+) maximum. We have attained $21,920. I would caution that the $64,000-410 area is an area of possible exhaustion for the move up from $40,085.
On a lower timeframe basis: Failure back below $53,125 will warn of a start to a bearish correction against the move up from $28,800 which could exceed $13,000. Decent trade below $55,795 (+15 per/hour starting at 9:00am) should bring in decent pressure; but if we break below here decently and back above decently, look for decent short covering. Failure back below $59,900-295 will warn of pressure.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Natural Gas and Energy/Gold complex. 'Decent penetrations' are specific amounts provided to clients daily as well. If you are interested, please feel free to reach out.
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