Natural Gas is Bearish Within Likely Base Forming 1/11/21
On a macro basis: We are in a bullish correction or trend against the move down from 3452 in October. The trade back above 2389-406 warned of decent short covering. We have seen 364 tics of this so far. The maintained gap higher on 12/29/20 also left a short-term bullish reversal below These are ON HOLD. My take is that this is likely not just a correction, and we may see some wide consolidation over the next few weeks to build a base between 2775 and 2263 before launching out of it, but we will have to see.
On a shorter-term basis: We are now in a lower timeframe bearish correction against the move up from 2263. The decent trade below 2726 (+2.4 tics per/hour) put this below a steep formation that warned of pressure. We have seen 137 tics of this. This will come in at 2804 (+2.4 tics per/hour starting at 9:00am). Decent trade below 2602 (-.5 of a tic per/hour starting at 9:00am) should bring in continued pressure, but we will have to contend with lower timeframe possible exhaustion levels below. These comes in at 2586-62, 2516-497, 2458-57, and 2371-53. Decent trade above 2714 (-.8 of a tic per/hour starting at 9:00am) will project this upward 130 tics (+).
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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