We've largely been in sideways consolidation since early February and with the recent test of the bottom of the structure, KOLD looks poised to move higher.
I bought throughout the day today with the average entry at $61.23. I'm looking for around 100% move to the upper resistance.
Risks: - A reversal that goes through the bottom support of the structure - 1 more retest of the bottom of the structure before the real move starts (if that happens, I'd be looking at price action having a tough time making it through $72 leading to a reversal).
Reward: Upside 100% with an exit at $123.29
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Next stop $81 and beyond.
Trade closed: stop reached
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I'm out of this for now. Still believe in the bearish natural gas thesis, but will have to reassess once we find a bottom.
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Next support level is at $44, could bounce there, but I'd rather watch from the sidelines
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I might add this back if it holds this support level. I think CPI could bring down natural gas tomorrow.
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Okay, AMEX:KOLD is looking good here again. Might take another swing at this idea.
It looks that kold went above $ 56 hopefully goes higher from here !!!
elenaec
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Hello friend I hope you are well !!! Any idea where Kold is travelling from here ??? thank you or boil
benjihyam
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@elenaec, it looks to be bottoming and moving back up inside of the structure, but I'm out of my position. It's in a no-trade zone for me. If it can get above $53-54 and test the structure as support again, then the original idea will likely be correct.
elenaec
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@benjihyam, thank you so more chances for boil to get higher rather at this point !!!
elenaec
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@benjihyam, whay about spy do you think we get a bouce to the upside from here or much lower ? thank you i entered soxl today a little too early i think but NVDIA earnings on 8/23/23 may get up high high if not the other way
elenaec
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was that the last leg up ?
benjihyam
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@elenaec, Not sure. Price has just been ranging for the last 8 weeks between $50 and $68. Neither support or resistance has broken yet. So until one of those levels breaks, we won't have a clear direction. I still think it's going up, but there's a chance it may not. So I'll set a stop at $50 incase price decides to keep going down. I'd take a good loss on it, but it is what it is. Rather get stopped out there than have price continue to slide.
elenaec
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@benjihyam, i think it will go up from here maybe i buy more lows now
elenaec
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do you trade soxl ??? if yes do you think will go up from here ? TY it kind of follows spy