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Natural Gas Looking Strong on the Day, but has yet to Violate Bearish Formation Above on Hold

On a macro basis: he trade above 2661 (-.5 of a tic per/hour) brought in 6335 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 5929 tics from 3067 so far. The trade above 3108-09 attained 5887 tics. These 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 4424 tics from the 4572 close. The break above 5047 also projects this upward 1300 tics (+).We have attained 3949 tics. The trade above 5918 (+1.5 tics per/hour) warned of decent strength. We have seen 3078 tics so far. These are ON HOLD. We are/where in a bearish correction/trend against the move up from 2202. The failure back below 8767 line and settlement below 8197-17 warned we were entering into a bearish correction/trend to exceed 1725 tics from the high at 8996—we have seen 2566 tics. The 5/9 bearish reversal has brought in 1426 tics from 7856.The decent trade below 7317 (+3 tics per/hour) projects this downward 1520 tics minimum, 1700 tics (+) maximum. We attained 887 tics of this before coming just shy of exhaustion at 6401-303 with a 6430 low and short covering back above 6476-71, bringing in substantial short covering back to the line. If we break back above decently, look for decent short covering—this will come in at 7516 (+3 tics per/hour starting at 8:00am).There is not a specific projection if we break above here, but it could well precipitate a run for the highs (+) again. I said in the Post Market Synopsis that although we left a gap higher on the day, on the day itself it warned of profit taking before (if) resuming higher trade—we rolled over 385 tics before 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.

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

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