NatGas - Possibility for a failed daily cycle
It is very similar to oil. We are in a new daily cycle. Couldn't break the previous daily cycle 's high.
That 3$ top looks like Mount Everest. We tried to break 3 times but failed.
I'M a bit cautious here. Oil is in a new intermediate cycle. Natgas getting late in its intermediate cycle. If it's a left translated daily cycle without new high we will roll over and heading into the intermediate low. We will break the previous DCL, that would be a failed daily cycle.
The intermediate low could be around the 200 SMA. It's now at 2.25$. I don't intend to hold NatGas through an intermediate decline.
Technicals
We lost the 10 and 20 EMA and tagging the 50 EMA.
WE broke below the blue trendline.
MACD and TSI are bearish.
Only RSI is giving the chance for the upside rally.
So the plan is the following:
I'M giving 2 more days to NatGAs . If it's not starting to rally Friday the latest I will close the position and wait for the ICL to reenter again. That could be around 2.2$.
That 3$ top looks like Mount Everest. We tried to break 3 times but failed.
I'M a bit cautious here. Oil is in a new intermediate cycle. Natgas getting late in its intermediate cycle. If it's a left translated daily cycle without new high we will roll over and heading into the intermediate low. We will break the previous DCL, that would be a failed daily cycle.
The intermediate low could be around the 200 SMA. It's now at 2.25$. I don't intend to hold NatGas through an intermediate decline.
Technicals
We lost the 10 and 20 EMA and tagging the 50 EMA.
WE broke below the blue trendline.
MACD and TSI are bearish.
Only RSI is giving the chance for the upside rally.
So the plan is the following:
I'M giving 2 more days to NatGAs . If it's not starting to rally Friday the latest I will close the position and wait for the ICL to reenter again. That could be around 2.2$.
Comment:
Yesterday might be the HCL. We break above 10,20 EMA and above the down trendline again.
We gave her 2 days and finally it started to run.
I'M setting my stop loss below yesterday's low and holding this position.
Let's see if we can print a higher high...