WallStScalper

Natural gas - a soon pedal to the metal IHS

NYMEX:HH1!   Natural Gas LDay (F)
257 3 2
I'm still neutral but will go bullish with break of neckline. Then we will see the normal back test of neckline and then....Pedal to the metal. Indicators lean towards bullishness.

As always.... time will show.

Safe trading Gents!

BM

Music at work: http://www.youtube.com/watch?v=STy1UL49FZM
jago25_98
3 years ago
What are your thoughts on this since the last 5 days ? Looks like it bounced off the neckline, not making it through... but I'm still bullish longer term...
Volume on right shoulder is slightly higher - that goes against the pattern.
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WallStScalper PRO jago25_98
3 years ago
Well I agree in your observation on volume. Looking at RSI it's dropping as well. MACD is still holding not making a bear cross so hope is not out yet. Maybe what we are seeing is a phase of consolidation before it's takes the step up. in fact looking at the pattern at the right shoulder there is another smaller shs building (see chart below). But then again ... a shs is not active until neckline is significantly broken.... we haven't seen that yet.
snapshot
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jago25_98 WallStScalper
3 years ago
got a source here calling the highest point on this chart on the left the right shoulder of a bigger head and shoulders. elliot wave viewpoint says down generally... I would not have expected this drop off on the monthly scale. also, bigger picture, in winter I'd expect a general rise and commercials are long on it so looking for a bottom here but I guess not yet. where? down to 2.88 fibonaci support?
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