Natural Gas is Bullish 5/17/21
On a macro basis: We are in a bull trend. I would NOTE the week of April 26th 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 OFF HOLD.
On a shorter-term basis: The decent trade above 2661 (-.5 of a tic per/hour) brought in 386 tics of higher trade so far. The trade above 2896 (+.5 of a tic per/hour) brought in 151 tics of the continued strength we are looking for above. These are OFF HOLD. The break above 2988-3001 and back below failed to bring in another bearish correction. The decent trade back above 3020 (+.7 of a tic per/hour) is a sign of renewed strength as well as taking out the last two weeks’ highs, BUT there is an area of possible extension exhaustion for the move up from 2521 at 3178-95 that we will have to contend with.
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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