Natural gas has extended up to the longer term trend-line creating an opportunity for a short position with a relatively low stop-loss.
Stop-loss above the upper band, take profit near the bottom of the band.
Added note: this is also technically a wedge breakout to the upside in the shorter scheme of things, however with R:R being astronomically favorable a good opportunity.
Stop-loss above the upper band, take profit near the bottom of the band.
Added note: this is also technically a wedge breakout to the upside in the shorter scheme of things, however with R:R being astronomically favorable a good opportunity.
Comment:
Natural gas seems to be in a free-fall after rejection of the upper band - targeting lower band around 1.60x. If we see downside power, I will continue to hold and provide updates on target levels.
Comment:
Safe profit taking level to consider: 1.743
Aggressive: 1.600
Aggressive: 1.600
Trade closed manually