justatrader
Long

Natural Gas - Getting in on the uptrend

NYMEX:NG1!   NATURAL GAS FUTURES
229 1 1
Natural Gas futures             charts looks to be setting itself up for a bigger push higher, with the current correction showing signs of confirmation..... (if the retest of the neckline is successful or if price drops to its target)

Using line charts its easy to see the H&S pattern. Also compared to RSI , there is a clear divergence that was formed. Both the H&S and Divergence are not that easy to spot with a Candlestick or OHLC bars.

Key Points:

Don't short.
Wait to go long on a correction at 4.4 - 4.33 region (it represents a confluence of divergence + H&S target) + any bullish candlestick pattern at those levels would be a bonus
Stops come in at 3.94 (lowest low from previous S/R levels) + some pips as NG             does have a tendency to take out the obvious stop levels
Book profits at each of the H&S levels (but leave enough room for swings) leaving the rest of the trade to trail the trend

Word of caution: NG             futures in recent days has seen some crazy wild swings, so make sure there's enough capital to cover these swings
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
BizkitBR PRO
2 years ago
Thanks.. Good info!!!
Reply
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