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. The above are ON HOLD.
On a shorter-term basis: The decent trade below 5186 (+4 tics per/hour) has brought in 1556 tics of the pressure warned about below so far. The decent break below 4833 (-2.8 tics per/hour) warned of further pressure—we have seen 1102 tics of this so far. The maintained gap lower on 11/29 left a minor bearish reversal above. I would NOTE: the last major area of possible exhaustion to contend with on the way down comes in at 3444-273 (if this is a bearish correction and not a trend—but may be the later), but this will likely offer only temporary support at this time. A maintained gap higher will leave a minor bullish reversal below. Decent trade below 3783 (+.7 of a tic per/hour starting at 9:00am) should bring in decent pressure; but if we break below here decently and back above decently, look for decent short covering.
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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