Natural Gas in Bearish Correction 9/17/20
On a macro basis:The decent trade above 1815 brought in 928 tics of strength above.The decent trade above 2058 projects this upward 140 tics minimum, 380 tics (+) maximum.We have attained 685 tics of this.These are ON HOLD.
On a shorter-term basis:I warned we were likely in the later stages of a bull structure within a larger bull structure, and there was possible exhaustion above at 2706-741—we held this on 8/27 with a 2743 high and rolled over 515 tics.The decent trade below 2313 (+1 tics per/hour) warns of renewed pressure for 75 tics (+).We have seen 85 tics of this so far.This will come in at 2335 (+1 tics per/hour starting at 9:00am).If we break back above decently, look for decent strength to come in.Decent trade above 2351-57 (-1 tic per/hour starting at 9:00am) will project this upward 135 tics (+).I would caution there are areas of possible exhaustion to contend with on the way down that come in at 2140-074 and 1977 (if this is a corrective structure (which it looks like) and not trending).There is a key formation line that comes in at 2040, a decent break below which should bring in continued pressure toward the 1940 (-) area, which would take out the lower exhaustion level, and also would have a good likelihood of opening a run toward 1700 (-).
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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