Natural Gas Testing Key Bullish Formation 12/18/20
On a macro basis:The decent trade below 3414 brought in 1046 tics of pressure.The failure back below 3298 brought in 945 tics of pressure.The maintained gap lower on 11/3 also warned of additional pressure, likely for days.We have seen 889 tics.
On a shorter-term basis:The decent break below 2834 warned of a run for the 2660 (-) area.We have seen 466 tics of this so far, taking out 2660. These are OFF HOLD. The decent trade below 2660 (+1.3 tics per/hour) now warns of pressure (note: this is a minor pattern). This comes in at 2691 (+1.3 tics per/hour starting at 9:00am). However, there is a more significant formation coming in slightly lower now at 2677-90 (-1 tic per/hour starting at 9:00am), a decent break above which will project this upward 90 tics minimum but has a maximum of 480 tics (+). This would also definitively negate the bear trend from 3505 and further expectations from the bearish calls from above which are now on hold. If we break above this line decently and back below decently, look for decent pressure to come back in.
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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