"With short O.I. like this any number of events can trigger short covering...weather, cross commodity spread liquidation, margin changes etc." Tonight's O.I. numbers will be of particular interest.
Daily
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Of note is the bounce to the .382 retrace point of the last leg down ( now appears to be slightly above) and the mov. avg. interplay at about these levels (not a fan of however).
Hourly
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Note the neg divergence on 14 RSI. Very short term pullback likely.
It would be very constructive for NG to hold the 50% retrace and put in new highs, giving a definitive 5 wave structure and crossing over those mov avg's.
Overhead the gap and 50% retrace at 4.31.
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