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Natural Gas is Bearish, but Still Holding Exhaustion 8/3/22

On a macro basis: The trade above 2661 (-.5 of a tic per/hour) brought in 7003 tics of higher trade. We left a medium-term bullish reversal below on 6/1 that warned of renewed strength for days/weeks. We have seen 6597 tics from 3067 so far. The trade above 3108-09 attained 6555 tics. On 2/15 we left a moderate bullish formation below that warned of higher trade for days—we saw 5092 tics from the 4572 close. The decent trade above 4962 (-1 tic per/hour) projects this upward 200 tics minimum, 740 tics (+) maximum—we rallied 4702 tics. The break above 5047 also projects this upward 1300 tics (+).We have attained 4617 tics. All of the above are ON HOLD.

On a shorter-term basis: We held exhaustion below with a 5324 low and rallied 4095 tics. The decent trade above 5559 has brought in 3860 tics. These are ON HOLD. The decent trade below 8724 (+11.5 tics per/hour) put this below a steep formation that projects this downward. We have seen 1020 tics from the pullback to where it came in at 8745.The decent trade below 8027 (+6.5 tics per/hour) projects this down further. We have seen 402 tics so far. I cautioned that we may be in a lower timeframe last stretch of the structure down from the highs and would be aware of possible exhaustion levels below at 7662-606, 7416-268, 6913-871 and lower. We held the upper of these with a 7645 low and bounced 289 tics before rolling over and are now holding it again with a 7625 low. Decent trade above 7743 (-11 tics per/hour starting at 10:00am) will warn of decent short covering but note this is a steep line. If we break above here decently and back below decently, look for decent pressure. Today has a good likelihood of seeing range expansion.

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

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