On a macro basis: The failure back below 3298 brought in 829 tics of pressure. The decent trade below 3414 brought in 642 tics of pressure.
On a shorter-term basis: The decent trade below 3414 brought in 758 tics of pressure. The maintained gap lower on 11/3 also warned of additional pressure, likely for days. We have seen 601 tics. I cautioned we held a last area of possible exhaustion on the way down at 2662-53 with a 2656 low and rallied 192 tics. This has the potential to bring in a new bullish correction/trend against the move down from 3507 if it holds. If it does not, this increases the likelihood of a run for 2421 (-). A maintained gap higher will leave a short-term bullish reversal below and will put the bear calls ON HOLD. Decent trade above 2915-17 will warn of decent strength, likely for days.
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.
Commodities trading involves a substantial degree of risk and may not be suitable for all investors. Michael Moor does not guarantee profits and is not responsible for any trading losses of subscribers. No representation is made, stated or implied, that any investor will achieve results, profits or losses, even remotely similar to hypothetical results. Past performance is by no means indicative of future results. Information provided in this newsletter is not to be deemed as an offer or solicitation with respect to the sale of purchase of any securities or commodities. Any copy, reprint, broadcast or distribution of this report of any kind is strictly prohibited without the express written consent of Michael Moor. Michael Moor may execute transactions in a proprietary trading account that may be consistent or inconsistent with the contents of the newsletter. The content, statements, and viewpoints expressed in this publication are those of Michael Moor solely in his individual capacity and are not attributable to any person or entity other than Michael Moor
Comments