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Natural Gas Poised for Short Covering Within Bearishness 9/15/20


On a macro basis:The decent trade above 1815 brought in 928 tics of strength above.The decent trade above 2058 projects this upward 140 tics minimum, 380 tics (+) maximum.We have attained 685 tics of this.These are ON HOLD.


On a shorter-term basis: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 on 8/27 with a 2743 high and rolled over 497 tics.However, within this the decent trade above 2299 (-.7 of a tic per/hour) warns of decent short covering, likely toward 2480(+) ?This will come in at 2283 (-.7 of a tic per/hour starting at 9:00am). I would caution there are areas of possible exhaustion to contend with on the way down that come in at 2275-55, 2140-067 and 1977 (if this is a corrective structure (which it looks like) and not trending).We held the upper of these Friday afternoon; if we take this out, we will likely test the next lower.


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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