Natural Gas is in a Bullish Correction or Trend Against the Move Down from the Highs 2/15/22
On a macro basis: The decent trade above 2661 (-.5 of a tic per/hour) brought in 3805 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 3687 tics of this. We left a medium-term bullish reversal below on 6/1 that warned of renewed strength for days/weeks. We have seen 3399 tics from 3067 so far. All the above are ON HOLD.
On a shorter-term basis: I CAUTIONED we held final corrective exhaustion at 5532-51 with a 5572 high and have rolled over 1690 tics. I also warned that this had the potential to start a new bear structure to the downside, which we have been in. On 2/3 we also left a minor bearish reversal above. We have attained 1063 tics from the 4937 open. Tuesday, we left the moderate bearish formation above warned about as well. The decent penetration below 4420 warns of a run toward 3420. These are ON HOLD. I warned of possible lower timeframe extension exhaustion at 3864-26 that has the potential to bring in a lower timeframe bullish correction that could still remain within the confines of overall bearishness—we came to within 12 tics of this, holding the 3894 (+1 tic per/hour) line with a 3876 low and rallying 552 tics. Yesterday we left a minor bullish reversal below. We have attained 333 tics from the 4095 open. Decent trade below 3924 (+.7 of a tic per/hour starting at 8:00am) will project this downward 500 tics (++). Presently the break above 4381 and back below may bring in some pressure into the AM before (if) resuming higher trade.
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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