Natural Gas in a Bearish Correction Within Bull Trend 5/5/21
On a macro basis: We are in a bull trend. I would NOTE that last week we also broke back above a significant formation on the Weekly charts that warns of continued strength in general, likely toward 3280 (+) in the weeks ahead. These are ON HOLD.
On a shorter-term basis: The decent trade above 2661 (-.5 of a tic per/hour) brought in 340 tics of higher trade so far. The trade above 2896 (+.5 of a tic per/hour) brought in 105 tics of the continued strength we are looking for above. These are ON HOLD. The break above 2988 and back below warns of an early termination to the move upward and possible entry into a bearish correction before (if) resuming higher trade. This correction will likely exceed 105 tics. If we rally to take out the yesterday’s highs, there are possible exhaustion areas above to contend with that come in at 3016, 3053-56, 3158-64 and higher. The break above 2969 and back below also warns of pressure. This will come 2965-63 today. Decent trade below 2896 (+.7 of a tic per/hour starting at 9:00am) will project this downward 180 tics (+); but if we break below here decently and back above decently, look for decent short covering to come in.
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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