On a macro basis: The decent trade above 2661 (-.5 of a tic per/hour) brought in 3805 tics of higher trade. I noted the week of April 26th we also broke back above a significant formation on the Weekly charts at 2779 that warned of continued strength in general—we have seen 3687 tics of this. We left a medium-term bullish reversal below on 6/1 that warned of renewed strength for days/weeks. We have seen 3399 tics from 3067 so far. All the above are ON HOLD.
On a shorter-term basis: The trade below 5186 (+4 tics per/hour) brought in 1574 tics of the pressure warned about below so far. This is ON HOLD. Wednesday, we left a minor bullish reversal below, we have traded 298 tics higher from 4165 when this was taken off hold. We may be entering into a bullish correction/trend against the move down from 6132. If this is a correction, areas of exhaustion are not scheduled to hold more than temporarily until February 1st.That said, I would also caution that the price action from the beginning of December through now could be considered a base, and this would be an ideal setup for a trend higher. Overnight price action has this coming in strong out of the gate. A maintained gap higher will leave a major bullish reversal below that will likely bring in higher trade for weeks.
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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