As you can see from the Daily Chart, price action is at the outside of the Linear Regression so it's possible this week price action could drop...maybe under 6.
1 - late last week both European AND UK NG price dropped 2 - Weather is looking steady, certainly on the cooler side, but still no snow really in the forcast for basically all of the U.S. 3 - China is in lockdown to the point that the world is now fearing a slowdown at the least - most of the world is thinking China will push the world into a recession as early as Jan, where price would certainly drop for NG 4 - Fractal from last week on the Daily so price will probably drop some. If price acion does NOT go up past 7.6 this week then there will be a fractal on the weekly chart also for next Sun.
So will price drop this week?? Or just stay around Neutral?? No idea. Will probably go down some, at least that's what I'm thinking.
So I have no idea how to trade this week so I'm on the sidelines till I can figure something out.
Heiko
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Weekly chart - room to move both ways, up some, down to 5 maybe. Hard to say.
I shorted it myself, until bad weather comes, and Freeport opens (maybe in January?), I think the price will continue to drop at least for a week or so..
@HEIKOTradingSystem, @MariusPopa - along with the above there is Railway Strike in US announced December 9th onwards. if thats going to happen Natty boy jump high too. Freeport expected to begin operation by Mid December.
MariusPopa
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@kpyogendran, That is interesting, but for the most part of domestic consumption in US, isn't it transported by pipelines?
HEIKOTradingSystem
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@MariusPopa yup...it sure is...pipelines and trucking.
kpyogendran
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@HEIKOTradingSystem, No its about that, if Train Strike happens there is supply demand in Goal and industrial should use NG as an alternate fuel! increase demand in NG eventually!
MariusPopa
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@kpyogendran, that makes sense, either way, there will be huge volatility in the next couple of months