Natural Gas Projected Lower, Unless we Break Back Above Formation
On a macro basis: We were in a bullish correction against the move down from 3002. We held the last area of exhaustion at 2916 with a 2928 high and have rolled over 457 tics into a new bear structure.
On a shorter-term basis: The decent trade below 2652 brought in 181 tics of the continued pressure warned about. The maintained gap lower also left a lower timeframe bearish reversal above that warns of continued pressure, likely for days. The decent trade below 2549-43 now projects this downward 400 tics minimum, 550 tics (+) maximum; but if we break back above decently, look for decent short covering to come in, and a likely run for 2925 (+). This will come in at 2547-50 today.
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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