NGAS: Keep an eye on support here

$NGAS could resume the uptrend here, and might be an interesting setup if we get a bottoming pattern in the daily chart. I took a small risk aggressive long on Friday, and will monitor it to reenter if stopped, if this trade remains valid. Upside is significant, close to $5, in the long run, but it might a while to base around here firs, which would be a great thing to observe take place within the next 3 weeks.

If for some reason we are to break support, we could see rapid fall to the low volume support level outlined in green. If we do test that, that'd be a low risk long opportunity, and also a do or die situation for bulls, so, don't hesitate on going long with a tight stop if that level is retested. In this timeframe on chart, I'd like to see the bar close above support, and form a smaller range bar, and eventually break a previous bar high, before rallying again. This can take the shape of a consolidation after a rapid spike in the daily, which would be great, since it would give us further low risk long opportunities.

Cheers,

Ivan Labrie.

Comment:

Support isn't holding, I don't see a clear long entry here yet. I'm flat.

Trade active:

Bam the strongest support -green box- held!
I'm long from near the low.

Comment:

Bam, we 100% nailed this.

Holding with break even stop. I'll add on dips with a tight stop.

Nice extra confirmation: www.bloomberg.com/ne...ng-fever-grips-bears

'Contrarian headline' signal.

Trade closed manually:

Banked for now. Will reenter on dips, or if we break the resistance above.

Comment:

We broke the resistance, so, we reenter longs on dips after today's close.

Trade closed manually:

It's better to wait until July or maybe the end of the year to try to catch a rally in $NG.