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Natural Gas Sees a Confirmed Breakout


Was today's narrowly ranging inside day just the calm before the storm?

The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.

Today's Highlight: Gold's plunge Friday still doesn't fulfill the three-day old sell signal, but it's a start.

Dollar Basket
Friday's dip launched a choppy sideways session, which nevertheless closed negative to maintain the outstanding attraction to test 80.05-80.10 before a more substantial rally could begin.

Dec Contract EC; (NYSEARCA:FXE)
Friday gapped up and then only ranged sideways, but still suggests a retest of recent highs is needed before beginning a durable decline.

Dec Contract GC; (NYSEARCA:GLD)
Friday gapped up and then only ranged sideways, but still suggests a retest of recent highs is needed before beginning a durable decline.

Dec Contract SI; (NYSEARCA:SLV)
21.88-21.95 support gave way to sharply lower lows Thursday night and more so into Friday morning. The open's probe under 21.00 was consolidated back to 21.25 through the afternoon, forming a pennant pattern that should break or resolve down.

30-year Treasury
Dec Contract US; (NYSEARCA:TLT)
Friday's gap up extended to 133-15 before reacting back down to the 132-22 pullback limit that Thursday's drop had managed to recover. The pattern remains intact, but Friday's attempt should be repeated more successfully by Wednesday

Crude Oil
Oct Contract CL; (NYSEARCA:USO)
Thursday's uncomfortable test of the 102.95 bounce limit resolved down quickly to fresh lows overnight that extended to touch 100.60. That still did not prevent another corrective bounce testing 102.00, but the break does require resolving down coming out of the weekend.

Natural Gas
The shallow gap back to Wednesday's close was filled by Friday's backing and filling, so there is no reason to further delay the rally from extending higher Monday or Tuesday.

Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at RodDavid .com.
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No positions in stocks mentioned.
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