Natural Gas is Bullish 5/3/21
On a macro basis: We are in a bull trend. I would NOTE that last week we also broke back above a significant formation on the Weekly charts that warns of renewed strength, likely toward 3280 (+) in the weeks ahead.
On a shorter-term basis: The decent trade above 2661 (-.5 of a tic per/hour) brought in 327 tics of higher trade so far. The trade above 2896 (+.5 of a tic per/hour) brought in 92 tics of the continued strength we are looking for above. Decent trade below 2863 (+.7 of a tic per/hour starting at 9:00am) will project this downward 180 tics (+); but if we break below here decently and back above decently, look for decent short covering to come in. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion—we have already exceeded Friday’s range.
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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