Natural Gas is in Another Bearish Correction Within Overall Bullishness 7/6/21
On a macro basis: We are in a bull trend. The decent trade above 2661 (-.5 of a tic per/hour) brought in 1161 tics of higher trade. I would NOTE 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 1043 tics of this, taking out 3280. The trade above 2896 (+.5 of a tic per/hour) brought in 927 tics of the continued strength we were looking for above. We left a medium-term bullish reversal below on 6/1 that warns of renewed strength for days/weeks. We have seen 757 tics so far. On a shorter-term basis: We held exhaustion at 2910-894 with a 2914 low and rallied for 908 tics. The decent trade above 3108-09 projects this upward 85 tics minimum, 210 tics (+) maximum. We attained 713 tics of this. The decent trade above 3304 (+1 tic per/hour) brought in 541 tics of strength. However, The failure back below 3811 put this into a lower timeframe bearish correction that is now complete. Although we are called 70 tics higher, the break above 3811-14 and back below warns of pressure into the AM, which may turn into yet another bearish correction. Today has a good likelihood of seeing range expansion.
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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