Natural gas is projected lower 10/21/22
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On a macro basis: The trade above 2661 (-.5 of a tic per/hour) brought in 7003 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 6597 tics from 3067 so far. The trade above 3108-09 attained 6555 tics. On 2/15 we left a moderate bullish formation below that warned of higher trade for days—we saw 5092 tics from the 4572 close. The decent trade above 4962 (-1 tic per/hour) projects this upward 200 tics minimum, 740 tics (+) maximum—we rallied 4702 tics. The break above 5047 also projects this upward 1300 tics (+).We have attained 4617 tics. The decent trade above 5559 has brought in 3860 tics. All of the above are ON HOLD.
On a shorter-term basis: The failure back below 8440 has brought in 3311 tics of pressure. The trade below 8208 warned of decent pressure. We have attained 3079 tics so far. We rolled over from the 7208-305 exhaustion with a 7188 high for 2059 tics. The trade below 6456 (+.7 of a tic per/hour) warns of renewed pressure—we have seen 1327 tics so far. We may be in the last stretch of the move down, and if so, are prone to exhaustion areas below in the 4955-876, and lower. HOWEVER, I would be aware that the solid break below 5494-465 gives this a MAJOR projection to the downside of $4.5 ( which could be seen in as little as two calendar months)—if we violate the area significantly on the upside, then the picture would turn around to warn of significant strength again…we will see in the days ahead what the market presents. Decent trade above 6130 (-4 tics per/hour starting at 8:00am) should bring in decent strength; but if we break above here decently and back below decently, look for decent pressure. LINK TO ADDITIONAL ANALYSIS ON WEBSITE.
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