Natural Gas Bullish Unless we Fail Back Below Formation Below 9/24/20
On a macro basis:The decent trade above 2221-29 (-1 tic per/hour) projects this upward 500 tics (+), BUT since we did not reject from this initially on the way up, it makes the formation more suspect and likely to fail.Decent trade (see note below) back below where this comes in at 2221-13 (-1 tic per/hour starting at 9:00am) should bring in decent pressure and a possible run for the lows again.
On a shorter-term basis:I warned there was possible exhaustion above at 2706-741—we held this on 8/27 with a 2743 high and rolled over 948 tics.This is now ON HOLD.We are now in a correction or trend against that move down. Yesterday we also left a short- term bullish reversal below that warned of continued higher trade, possibly for days. The trade above 1926 brought in 394 tics of the moderate short covering warned about.The decent trade above 2037-38 has brought in 182 tics of further short covering. Areas of possible exhaustion to watch out for above (IF it is a correction), come in at 2381-99 and 2540.However, if we take out 2440-41 decently, this will increase the likelihood of a run for the 2740 (+) area, and likely violation of the upper exhaustion area.
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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