Natural Gas is Short Term Bearish Unless we Take out Formation Above 2/23/22
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 roll into the (J) and are ON HOLD.
On a shorter-term basis: I CAUTIONED we held exhaustion at 5532-51 with a 5572 high and rolled over 1690 tics. On 2/3 we also left a bearish reversal above. We attained 1063 tics from the 4937 open. These roll into the (J) and are ON HOLD. On 2/15 we left a moderate bullish formation below as well, that warned of higher trade for days. This is ON HOLD. The decent break below 4538 (+4 tics per/hour) now warns of decent pressure, but the moderate formation below that is on hold, has not yet been negated, so we really need a decent break below 4308 to open up the downside more. If we break back above 4622 (+4 tics per/hour starting at 10:00am) decently, resume bullishness and look for decent strength. Decent trade below 4437 (-2 tics per/hour starting at 10:00am) should also bring in pressure. Decent trade below 4056 (+1 tic per/hour starting at 8:00am) will project this downward 720 tics minimum, 1250 tics (+) maximum; but if we break below here decently and back above decently, look for decent short covering.
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