Natural Gas Likely in a Bullish Correction/Trend Against Move Down from 3060
On a macro basis: The decent trade below 2940-48 (+1 tic per/hour) warned of pressure. We have seen 518 tics of this so far. The maintained gap lower on 3/4/21 left a minor bearish reversal above. We have seen 353 tics of pressure so far. The failure back below 2681-84 brought in 259 tics of the pressure warned about below.
On a shorter-term basis: We held the 2424-390 exhaustion area with a 2422 low and rallied 114 tics so far. Lower levels come in at 2336-300 and lower. The break below 2479-78 and back above also warns the bear structure may be complete and we may be in the early stage of a bullish correction/trend (which could see some wide swings on the way up). Decent trade above 2527 (-.4 of a tic per/hour starting at 9:00am) should bring in continued strength. Trade below 2424-390 will open up a probe for the lower exhaustion levels.
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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