Natural Gas Between Bullish and Bearish Formations 12/2/20
On a macro basis: The failure back below 3298 brought in 829 tics of pressure. The decent trade below 3414 brought in 758 tics of pressure. The decent trade below 3414 brought in 642 tics of pressure. The maintained gap lower on 11/3 also warned of additional pressure, likely for days. We have seen 601 tics. These are ON HOLD.
On a shorter-term basis: I cautioned we held a last area of possible exhaustion on the way down at 2662-53 with a 2656 low and rallied 346 tics. On 11/24 we left a short-term bullish reversal below. We have seen 127 tics so far. These too are now ON HOLD. The failure below 2953 (+2 tics per/hour) brought in 130 tics of pressure before short covering off the low. I would keep in mind this was a minor pattern, and we have not failed the bullish reversal below which is currently on hold. Decent trade back below 2834 is needed to further negate that and warn of a further run toward 2660 (-). Decent trade above 2990-91 will project this upward 120 tics minimum, 340 tics maximum.
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.
Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor