Today NG negated the bullish odds and made a strong bearish statement. It made a strong 100/200 DMA “death” cross and also closed below the 600 DMA line. The previous 600 DMA cross in 2019 led NG to 523 days of bear market and a loss of 50% of its value over this period. Should we expect something similar this time? The large candles say it is quite possible and the yearly closure will tell us much more in two days.
As the possible rally was not confirmed, I am returning to the primary counts:
This and other perspective moves were discussed in details in the NG Weekly Report on December 24th that can be viewed here.
Latest Oil Weekly Analysis – Dec 25th:
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