Kumowizard
Short

Chart on request - No cold weather, no hot gas!

NYMEX:NG1!   NATURAL GAS FUTURES
119 2 6
Honestly I have no clue about the winter in US or Canada, but here in Europe it is unusually mild. Or maybe Natural Gas             is simply selling off because it follows the massacre in Oil             . Anyway, the tech picture is very obvious:

Weekly:
- Full bearish . No sign of any reversal.
- The only possible resistance is ard the 2012 low of 1,90.

Daily:
- Totally bearish . No sign of bottom.
- Key reversal lvl             is appr 2,35

Hey, I have a good news! Not much left until ZERO! Gas will soon be free for everyone! Or maybe the Gas companies will swallow all the profit on widening margins? ;-)

I would not do any bottom fishing until:
1. Weekly HA candle doesn't make at least a doji and doesn't close at least above Tenkan Sen (9 weeks avg)
AND
2. Daily confirms some possible bottom and reversal (means a possible counter trend against the major bearish weekly time frame)
thanks for sharing, good stuffs.
Reply
gLloWaves
a year ago
Thanks!
Reply
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