Followers | 679 |
Posts | 140863 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Tuesday, September 21, 2021 1:48:45 PM
By: Christopher Lewis | September 21, 2021
• Natural gas markets initially tried to rally during the trading session on Tuesday but gave back the gains to show signs of hesitation again. Because of this, it looks like we have a deeper correction on our hands.
Natural gas markets have initially tried to rally again during the trading session on Tuesday, but the $5.00 level has offered a significant amount of resistance. Because of this, the market looks as if it is going to continue going lower, perhaps towards the $4.50 level underneath. Quite frankly, the market has been overdone for quite some time, so it certainly makes quite a bit of sense that we would see a continued move lower. The market cannot go in one direction forever, so that is something that makes quite a bit of sense.
The market had been so parabolic that I have been saying for a while you simply cannot buy it. Obviously, it is difficult to short it, but it is worth noting that the $4.50 level will more than likely be backed up by the 50 day EMA, so it all comes together quite nicely in that general vicinity, assuming that it does in fact happen. On the other hand, if we turn around to take out the top of the inverted hammer from the Monday session, then it is obvious that we are going to go higher. Nonetheless, this is a market that still looks at a lack of supply as a major issue, and of course more importantly, the lack of refining capacity at the moment.
This might be a short-term phenomenon, but really at this point in time the trend is to the upside and that is the most important thing to pay attention to. Ultimately, I am either long or on the sidelines for this market currently.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • BLO • Apr 25, 2024 8:52 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM