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Natural Gas Poised for Renewed Pressure 12/23/20

On a macro basis: We violated the medium-term bullish reversal left below yesterday with the decent trade below 2711, which now warns of decent renewed pressure. We still have the formations mentioned below to further open the downside. Decent trade back above 2711 will negate the pressure bias and reestablish bull calls from below.

On a shorter-term basis: The decent trade above 2669-82 (-1 tic per/hour) projects this upward 60 tics minimum, 450 tics (+) maximum. We have attained 124 tics. This is now ON HOLD. Yesterday we held the 2803 exhaustion area above with a 2806 high and rolled over . I said in the Post Market Synopsis that despite the bullishness, on the day itself this warns of pressure before (if) resuming higher trade if we cannot take out 2806 to maintain upside momentum. We have seen 109 tics of this so far. A maintained gap lower will leave a short-term bearish reversal above. There is a moderate formation now coming in at 2654 (+.4 of a tic per/hour starting at 11:00am), a decent break below which will project this downward 165 tics (+); but if we break below here decently and back above decently, look for decent short covering to come in. Decent trade below 2626-11 (-1 tic per/hour starting at 11:00am) should bring in additional pressure. I warned in the Post Market Synopsis that today has a good likelihood of seeing range expansion--we have already exceeded yesterday's range including GLOBEX 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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