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Heat: Look For a 2-way Market

Henry Marchell

HEAT

HEAT S2 S1 CLOSE R1 R2 TREND
DAILY 28670 28880 28962 29250 29545 DOWN
WEEKLY 26365 27990 29153 30250 30880 DOWN

 

Daily Moving Averages: 21, 55, & 100: 3.0090, 3.0707, 3.0631

Weekly Moving Averages: 21, 55, & 100: 3.0665, 3.0164, 2.9984

Mild temperatures across the Northeast has kept pressure on Jan all last week.

  • It is likely that Jan continues to see marginally lower prices for Tuesday to begin the day.
  • However, Jan is nearing the end of this leg to the downside.
  • Jan will have an initial target for the expected decline at 2.89 to 2.8850.
  • This has the dual pleasure of being the .50 retracement of 3.2670 to 2.51 and pattern support on the hourly chart.
  • The extension pivot is 2.88.
  • In the event that pivot gives way Jan will seek 2.8670 to 2.86.
  • It is here that Jan will pause in the descent and start a corrective pattern.
  • Jan will have a minor upside  pivot at 2.9250 that if busted will give a nod to a short-term bottom.
  • The key upside pivot to the intraday chart is 2.9565.
  • This will be a two way market for Tuesday.

Heat

Heat Weekly