ridethepig

ridethepig | NatGas Finding a Floor

Long
CURRENCYCOM:NATURALGAS   Natural Gas
πŸ“ Natural Gas

The proud floor - such is the name sometimes given to support - is a useful weapon in the hand of buyers. And yet for a time, I toyed with the idea - a seasonality one , I must admit. We cannot simply dismiss the deep examination; namely the elements and the strategies involved in trapping our opponent. For example, the fake breakdown and slingshot restraint.

I have decided that the advantage is with buyers and can be seen in the elements:


Buyers are coming in and preventing the loss of 2.5 and slowing down the said decline. The reason is clear, demand is ticking up and cancelling out the artificial dollar devaluation. We will use the fake breakdown as our invalidation level, as long as we are ticking above 2.38x we can continue to work longs.

It is scarcely possible to set down on paper all the various maps in which the end game of a cycle can be unpleasant. But I will try to mention briefly all of the most important ones. A round of chart updates will continue over the coming sessions and days.

Thanks as usual for keeping the feedback coming πŸ‘ or πŸ‘Ž
Trade active
Comment: Lows managed to hold for now
Trade closed: target reached: ...and TP1 hit βœ…
Comment: A quick chart update while we chop around on the centre:

Comment: More chop...

Comments

The support around $2.38 was tested 3 times in the hourly/ 4hr timeframes which signifies the importance of this level and the rebound which is happening as I am typing this. Luckily I am in the right side of the equation as I was anticipating this move. Great analysis!
+1 Reply
bos711 Zaitermo
@Zaitermo, well yerstday it has good run because of good EIA raport - 91, more then 5 years average.
Let's how it's going to go this Friday.
Reply
Zaitermo bos711
@bos711, The EIA report supported the run which was anticipated because of the triple bottom support around $2.38. Friday was ok day with consolidation below the $2.65 resistance which I anticipate will break within next week. If this gaps down on Monday, it would be a good opportunity to buy and hold for next run up to $2.94 - $2.97.
Reply
bos711 Zaitermo
@Zaitermo, I think gap be up but it's impossible to predict because it's all dependents in amont of orders Sunday night.
Reply
A very good discussion @bos711, @Zaitermo .... it should be all clear now guys till 3++...
Reply
bos711 ridethepig
@ridethepig, yeah, I think tomorrow maybe we can have some rally maybe if not tomorrow soon, because if the demand.
Reply
Hey this end of the week cold shot is coming so it should go up, the are now on 200ma, we need recapture 50ma.
+1 Reply
Agree @bos711 a lot of value at these levels
Reply
So we need 18% to reach TP2 I think we will, because of weather, Lng export, demand.
Reply
Now we need to break 2,623 resistance.
Reply
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