Natural Gas Poised for Short Covering 9/2/20
On a macro basis: The decent trade above 2058 projects this upward 140 tics minimum, 380 tics (+) maximum. We have attained 685 tics of this. The solid penetration above 2588 projects this upward 885 tics (+) but requires a 2365 stop. We have seen 155 tics of this so far. These are now OFF HOLD.
On a shorter-term basis: The decent trade above 1815 brought in 928 tics of strength above. This is OFF HOLD. I warned we were likely in the later stages of a bull structure within a larger bull structure, and there was possible exhaustion above at 2706-741—we held this Friday with a 2743 high and rolled over 328 tics. However, the decent break back above 2513 now warns this corrective move is likely complete and should bring in decent short covering, likely back up to recent highs. This short covering bias will be negated if we trade 2465.
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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