Natural Gas is Bullish, but Approaching Exhaustion Levels 5/6/22
On a macro basis: The trade above 2661 (-.5 of a tic per/hour) brought in 6252 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 5846 tics from 3067 so far. The trade above 3108-09 attained 5804 tics.
On a shorter-term basis: On 2/15 we left a moderate bullish formation below that warned of higher trade for days—we saw 4341 tics from the 4572 close. The break above 5047 also projects this upward 1300 tics (+).We have attained 3866 tics. The trade above 5918 (+1.5 tics per/hour) warned of decent strength. We have seen 2995 tics so far. The maintained gap higher on 4/26 warned of higher trade—we have seen 1935 tics from the close at 6978. I would NOTE: we may be in the last bull stretch of the structure upward from 2202—areas of possible exhaustion above come in at 9264, 10176 and higher. We held a lower exhaustion with a 8653 high and rolled over 536 tics before short covering off the low taking it out—setting up a run to test the next above. The decent trade above 8665 (+5.5 tics per/hour) warns of decent strength toward the 9407 (+6 tics per/hour starting at 7:00am) line, but we will have to contend with possible exhaustion at 9264.
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