NG1! NGH2018 Natural Gas Bear

NYMEX:NG1!   Natural Gas Futures
Looking back over previous few years price action we can see a sharp trend this time of year for natural gas futures .
The technical measurement Williams%R shows a strong Bear trend is either in play or is pointing to a very strong reversal.
The prior 2 days of movement NG printed a nice spike upwards followed by a strong retracement hitting new lows.

This most recent retracement down was either a move to shake out long retailers or we are beginning to see new lows for NG .
Keep bets small.

Fibonacci retracement price level provided from most recent move.
Trade active: nice double top - worth a contract short with good stop in place
Order cancelled: No dice, looks like ng loves LA nina!
Trade active: why I closed this long study is an interesting question
will re-open and update if this holds below previous high of 3.66
Trade closed: stop reached: 1.272 reached. Well done and time to hunt long entry.
Its very risky to stay short this time of the year..unless you are very experienced ultraday scalper. the reversal to the upside should happen any time now..
j_nathan leonarddavidson60
@leonarddavidson60, agreed - only an experienced scalper that practices limited exposure with quick exits should play near these formations
even better an options trader utilizing spread strategy can stack short calls on this the next week or two if willy holds

TomPower j_nathan
@j_nathan, probably going to be dead money here till the end of the year, just sideways
j_nathan TomPower
@TomPower, great point tom, thats probably why after reading leonard comment made me think riding time decay with an option spread leaning short is a safer bet until more volume pushes this into seasonal bull - tbh though no one can call a la nina until winter has played out, with the EIA reporting record inventory one does still wonder if things can become cheaper
+1 Reply
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