FXHighway
Long

Natural Gas constructing positive formation

NYMEX:HH1!   Natural Gas LDay (F)
268 9 0
Natural Gas             price shows potential bullish pattern , which is an inverted head and shoulders' formation on the weekly chart, will be completed once the price reaches 6.430 area and breach it.

Positive factors coming from the EMA50, stochastic , and the bullish trend line that carries the trading since 2012, all these factors will assist to push the price for bullish trend trip from the current areas , which is considered good chances to go long since the risk limit will be around 3.710 ..

GCEventsmoveGDX
2 years ago
Are you suggesting to go long on natural gas in the spring?
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FXHighway GCEventsmoveGDX
2 years ago
Actually , the chart is suggesting that :) ..
Technically yes , good chance could be here , with low-risk vs high-reward ratio for this position ..
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markbrizendine
2 years ago
keep in mind our gas storage numbers are at historical lows and there's a huge gap in the chart from 5.207 to 5.884 that is begging to be filled.
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markbrizendine
2 years ago
that said your formation indicates the right shoulder is incomplete. do you think we test 4.00 by end of May before breaking out?
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FXHighway markbrizendine
2 years ago
The formation still under construction and still need the main condition to be completed which is visiting the proposed neckline .. I saw a chance in this setup to catch the price from the low areas and have a low risk limit distance , if we had a luck in this position , we can secure some of the long positions at the neckline and wait the breach for long term positive targets.

As for testing 4.00, not sure about it , EMA50 is establishing good support areas around 4.15 , that would protect our scenario .
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GCEventsmoveGDX
2 years ago
Gas supplies are at historic lows, and prices have come way down off the February and March highs. But the futures are still at a price that would motivate delivery now (selling) rather than selling in the future because of a chart indicator set-up. With all respect.
I am still trying to grasp who is trading the futures contracts, suppliers, short term futures traders, speculators. At times I can't imagine the price going any higher and then it just screams away.
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FXHighway GCEventsmoveGDX
2 years ago
Thanks for your highly valued comment , that should be taken into consideration for sure when coming to trade this instrument.

Lets wait and see who will lead the next action ...
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markbrizendine
2 years ago
any input as to what is going on now with this failure to break the neckline? or is it still too early to tell?
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FXHighway markbrizendine
2 years ago
still too early now, the price is crawling upwards , thats why the idea was to get a position from lower areas and wait the formation to be completed ,,

We'll keep an eye on the price ..
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