I had a few technical difficulties this morning, but wanted to update the only market that seems to matter, and that's Energy.
Also see yesterdays update:
Market Update 8/24/22 - Taking a Second Look at The Head-fake Rally in Energy
Short term support on NatGas looks like:
There's #NatGas news coming.... Support is 8.75 (8.78), since it couldn't hold $10, or 9.75, or even 9.39. Think I want to blog an update on it pic.twitter.com/LoTLleBc85
— Veteran Market Timer (@3Xtraders) August 25, 2022
There's always the possibility that #NatGas is jacked above the $10 level, and Bloomberg is already reporting it, as if it's already happened
I think it's just as likely that we see the #NatGas bulls who are no doubt rooting for $10, to be left holding the bag, and as I've already mentioned, the risk is to the downside. Needless to say this is a dangerous trade
$NatGas - The weekly chart shows NatGas wasn't able to hold the previous high, of 9.66, so I think that's the number to watch.
Dangerous trade to say the least, and especially if you're long European Natural Gas
US Natural Gas Price Volatility in Q1 Reached Highest Level in 20 Years, EIA Reports tradingview
Looks like Energy could continues to hold up into next week, but we shall see....
The Stock to watch is Exxon Mobil
Oil and gas drillers may even be trading in a wave 2, suckers rally, so putting a crash alert on this.
That's a live view. The market is already open. Gotta run!
Catch you on Twitter
AA
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