Natural Gas is Medium Term Bearish, but Likely in Last Stretch Before Bull Correction 6/22/22
On a macro basis: The trade above 2661 (-.5 of a tic per/hour) brought in 7003 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 6597 tics from 3067 so far. The trade above 3108-09 attained 6555 tics. All of the above are ON HOLD.
On a shorter-term basis: On 2/15 we left a moderate bullish formation below that warned of higher trade for days—we saw 5092 tics from the 4572 close. The trade above 5918 (+1.5 tics per/hour) warned of decent strength. We have seen 3746 tics so far. All of the above roll into the (Q) and are ON HOLD. We are now in a bearish correction/trend. I would be aware there is significant support below to contend with on the way down at 6531-07 and also at 6466-30. I warned we could very well see a decent bounce from the upper—we have rallied 417 from 6531.The failure below 7010 warns we are likely in the last stretch of the move down from 9645 as well-- if we break/settle back above 7010 this would warn of an early termination and warn of a bullish correction/trend against the move down from the highs. 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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