On a macro basis: The decent trade above 2661 (-.5 of a tic per/hour) brought in 3805 tics of higher trade. I noted the week of April 26th we also broke back above a significant formation on the Weekly charts at 2779 that warned of continued strength in general—we have seen 3687 tics of this. NOTE: on a very macro basis, the break above 4904 projects this upward $3.38, which could take roughly 14 months to attain (we are in the 4th month). Trade at 4058 would negate this projection. All the above are ON HOLD.
On a shorter-term basis: The break back above 4725 held exhaustion again and brought in 669 tics of strength before rolling over. The break above 5141 (-3.5 tics per/hour) warned of decent strength—we saw 253 tics of this before failing back below where this came in today, warning of renewed pressure. I warned in the Post Market Synopsis that on the day we went out warning of lower trade--we have come off 302 tics. I also warned today has a good likelihood of seeing range expansion. A maintained gap lower will also leave a minor bearish reversal above.
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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