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Natural Gas Looking Strong on the Day, but has yet to Violate Bearish Formation Above on Hold


On a macro basis: he trade above 2661 (-.5 of a tic per/hour) brought in 6335 tics of higher trade. We left a medium-term bullish reversal below on 6/1 that warned of renewed strength for days/weeks. We have seen 5929 tics from 3067 so far. The trade above 3108-09 attained 5887 tics. These are ON HOLD.


On a shorter-term basis: On 2/15 we left a moderate bullish formation below that warned of higher trade for days—we saw 4424 tics from the 4572 close. The break above 5047 also projects this upward 1300 tics (+).We have attained 3949 tics. The trade above 5918 (+1.5 tics per/hour) warned of decent strength. We have seen 3078 tics so far. These are ON HOLD. We are/where in a bearish correction/trend against the move up from 2202. The failure back below 8767 line and settlement below 8197-17 warned we were entering into a bearish correction/trend to exceed 1725 tics from the high at 8996—we have seen 2566 tics. The 5/9 bearish reversal has brought in 1426 tics from 7856.The decent trade below 7317 (+3 tics per/hour) projects this downward 1520 tics minimum, 1700 tics (+) maximum. We attained 887 tics of this before coming just shy of exhaustion at 6401-303 with a 6430 low and short covering back above 6476-71, bringing in substantial short covering back to the line. If we break back above decently, look for decent short covering—this will come in at 7516 (+3 tics per/hour starting at 8:00am).There is not a specific projection if we break above here, but it could well precipitate a run for the highs (+) again. I said in the Post Market Synopsis that although we left a gap higher on the day, on the day itself it warned of profit taking before (if) resuming higher trade—we rolled over 385 tics before resuming higher trade.


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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