DanteBouzas

Natgas breaks out of last weeks profit taking?

Long
NYMEX:NG1!   Natural Gas Futures
COT reports show a net short of -4693 last week. Was there was some profit-taking last week? If there was, this structure could be a good place to revist sometime in the near future. This week started with a breakout. There are some key signs that confirm yesterday's breakout from the last week's profit-taking range. 1. a breakout from a trendline that goes back to 02NOV20, 2. a Bullish MACD crossover under 0 and above the 200 EMA , and 3. We have a breakout with a higher than average volume . Weather is forecasted as mild for the rest of the week and demand light. Maybe we can see a retracement back to the breakout level for a good long entry anywhere in the 2.645 to 2.749 for a breakthrough 3.00.

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