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Daily Spot… Natural Gas bottom becoming obvious too soon? – If, Then… Market Timing

Daily Spot… Natural Gas bottom becoming obvious too soon?

By Rod David | April 30, 2015 - 2:21 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today”s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Holding 1.1160-1.1195 resistance Wednesday didn”t prevent probing higher overnight to test 1.1255. The probe reacted down, but spent the day ranging choppily around 1.1195. A bearish Pivot Reversal setup was avoided, but back under 1.1120 would still signal a pullback or something more substantial underway targeting 1.0855.

Gold Jun Contract (GC, ETF: (GLD))
Closing under 1205.00-1208.50 Thursday targeted at least 1194.50, but there was no respite in Thursday”s drop that extended down relentlessly to within $2 of last week”s 1174.10 low. The original 1170.00-1174.00 target area is in-play so long as bounces meanwhile hold 1183.00 or at least 1187.00.

Silver May Contract (SI, ETF: (SLV))
Hovering at the 16.50-16.65 resistance range”s upper-end was corrected Thursday by plunging to 15.80. Its recovery was testing 16.15, but not decisively recovering it to signal the decline had necessarily ended.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday”s drop down to 158-08 was recovered to test Wednesday”s 158-22 low as resistance, well under what was critical support at 159-14/159-26. Avoiding a decisive second consecutive lower close could still extend down, but I would be careful being long above 160-00.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The 59.31 target tested at Wednesday”s high was pierced momentarily overnight and then intraday Thursday. Just avoiding a close back under 57.70 keeps the door open to a fresh high close that can still signal at least 61.75 is in-play.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday”s reaction down from 2.60 had barely touched 2.55 support when the EIA report triggered a surge that attacked the 2.80 target. The target was never put into play through a close, so the pattern”s next higher target at 2.95 is now likely, so long as pullbacks hold 2.67-2.68 as support. There isn”t much tolerance for dipping much deeper — especially not on Friday, one day following the surge — which would start to suggest 2.49 will still be tested.

Posted in Daily Spot