As you can see there are a few ways this thing can unravel.
We have an inverse head and shoulders, a possible diamond bottom formation, a daily demand zone and a .618 fib level. I don't know which way the price will take, but I started to add to my longs at this level.
UNG is at 8.55 roughly , do you think this week it has potential to go further ? .. good bounce up today so far
carefulRhino97368
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@twin44350, I don't know. I don't typically trade natural gas, and I've heard it can be very erratic. I'm just trying to apply same chart patterns to this one and see what happens. I did go long of course & my average is below the current support, that's why I'm not too worried about it. If we do get a bounce great, if we don't well I may add more if it drops. And if it continues to dump further I'll have to take a loss. Whether we go further or not depends on how much smart money wants to accumulate at this level.
PatienceisKey1
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do you think it's going to take off now or can still drop more
carefulRhino97368
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@PatienceisKey1 Yeah it’s moving eh lol. I don’t know the future, but those are the patterns of smart money accumulation that you see on the chart. If we drop more it could be to get more orders from the lower demand zone. But with the way it’s moving I wouldn’t bet on it. Either way, we need to wait for a breakout out of that diamond to see any further significant upside