You're correct that the daily MACD looks ready to reverse. However when you look at the time frames from 1 min up to 4 hours, it is showing the bears are taking control, and the bulls are loosing power. The only periods bulls are controlling is the 30 min, 1, and 2 hr charts. it may be a signal to jump into shorting. Another trader pointed out the trend with natty, it hits 61.8 retracement - and a failure to break past points to a short. It's stayed true for for the past 3 major rally and sells.
I am long in NGAS right now, but considering a flip if today can't confirm
@dfburke, I'm long less than 10 percent of my account right now.The 1 day MACD still is not a sure thing since its not that close to closing yet.It could turn fast so i believe the bottom near to the point it a good time to average in slowly.Wait next week a winter storm will come out of the blue.
@wafflehouseinthe212, I agree MACD isn't a sure thing. I am honestly a farmers almanac follower, and believe a late winter storm will correct the fundamentals and put us back on track to $4+. there are other fundamental factors that will benefit natty - LNG has higher export volume Y/Y. I believe the new US administration will want to continue the growth.