NATGAS has has both a strong local and general double bottom and is looking to retest 3.0-3.1 and higher before it sees 2.5 again. Strong gap up over weekend was very predictable as is evidenced from my idea last week.
With both strong fundamentals (bullish report) and strong technicals (respected double bottoms) shorts would be wise to wait and watch for a while.
For those who are getting in late, UGAZ should still be a good buy come market open on Tuesday with a safe selling target of 3.05 (in the NATGAS index) or possibly even higher should we break into the fib channel at 3.1 or so.
Stay safe and good luck!
EDIT:
Attached is an image of the local double bottom in case you can't see it because of my text bubble.
With both strong fundamentals (bullish report) and strong technicals (respected double bottoms) shorts would be wise to wait and watch for a while.
For those who are getting in late, UGAZ should still be a good buy come market open on Tuesday with a safe selling target of 3.05 (in the NATGAS index) or possibly even higher should we break into the fib channel at 3.1 or so.
Stay safe and good luck!
EDIT:
Attached is an image of the local double bottom in case you can't see it because of my text bubble.
Trade closed: stop reached:
Taking my 3% profit and walking away for now. Extremely bearish pressure before market open is way to spooky for me to hold a long right now. Not sure where NATGAS is going right now but we will see soon I suppose.