Natural Gas is Bullish Within Consolidation 8/3/21
On a macro basis: We are in a bull trend. We have been in a lower timeframe bearish correction against it, but this may be over. The decent trade above 2661 (-.5 of a tic per/hour) brought in 1504 tics of higher trade. I noted the week of April 26th we also broke back above a significant formation on the Weekly charts at 2779 that warned of continued strength in general—we have seen 1386 tics of this. The trade above 2896 (+.5 of a tic per/hour) brought in 1270 tics of the continued strength we were looking for above. We left a medium-term bullish reversal below on 6/1 that warned of renewed strength for days/weeks. We have seen 1100 tics so far. The decent trade above 3108-09 projects this upward 85 tics minimum, 210 tics (+) maximum. We attained 1056 tics of this. The decent trade above 3304 (+1 tic per/hour) brought in 884 tics of strength. The decent trade above 3712 (-.5 of a tic per/hour) warned of renewed strength. We have attained 453 tics of this. All the above are ON HOLD.
On a shorter-term basis: I warned on 7/26 this warned of pressure before (if) resuming higher trade—we have come off 245 tics before short covering off the low. The decent trade below 4095 (+3 tics per/hour) has brought in 258 tics of pressure so far before short covering off the low. These are ON HOLD. The negated bearish reversal yesterday warns of renewed strength, but we are still in this consolidation. Decent trade above 4018 (-1 tic per/hour starting at 9:00am) will project this upward 105 tics minimum 590 tics (+) maximum and take bull calls from below OFF HOLD; but if we break above here decently and back below decently, look for decent pressure to come in.
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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