Hi guys, my previous natural gas long position has hit, this is a follow up as I believe that this will continue battling up after regaining it's position within the descending triangle.
Weather isn't looking any better for majority of the US and storage levels are lower than usual for this time of year.
Great, I-m happy I caught it on time. What do you think, how it will behave in view of tomorrow's NG storage report?
SkyTrees
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@design_dreams, I've personally have TP @ 4.18. Will buy again if it breaks the 4.20 resistance and will have my SL at around 4.15 with an initial target of 4.9.
From what I've gathered recently, productions levels have dropped slightly which will impact storage. Current storage levels ain't too bad in comparison to last year, but if productions keeps receding then this, I'm sure will result in bullish action where we will aim to reach targets of around 6.4.
I'm personally playing with the technical outlined in my chart.
SkyTrees
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@SkyTrees, has a lot of potential to retest 4.050, hence why I've taken profit @ 4.18
SkyTrees
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@design_dreams, Check out @CelciusEnergyFM on twitter for updates on storage, weather forecasts etc. Has been v useful for me
design_dreams
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@SkyTrees, thanks for the tip. I check it here investing.com/economic-calendar/natural-gas-storage-386 , Yesterday closed my profits at 4.8 as it was on a resistance and I thought it might open lower and retest area of 4.05...Waiting for a storage news and any movement. Good luck!