This is the confirmation that NatGas bottomed. The DCL occured on the 12.08.
We are on day 9. We have 2 comfortable weeks to run from now. (Maybe 3) And by now you know Natty likes the green candles.
In the next 2 weeks we should take out 3$ and run to new highs.
is just entering to overbought but it can be overbought for a month.
had just crossed over it has weeks to go up.
TSI is the same : it just crossed over.
I missed the last DCL unfortunately. This time NatGAs just almost tested back the FIBO 50 and the breakout.
And we entered at that "almost level".
The next resistance is at 2.994 : the previous cycle high.
the open interest is interesting in that there are substantially more open interest puts than calls.
on 18 strikes from 2.85 up and down
the open interest in calls is 15,367
the open interest in puts is 34,123
this from NYMEX but totals updated through yesterday.
comparing this to the COT commitment of traders
the commodity funds are very short 39% long
the trade (commercials) are very long 57% long
my feeling is this large put interest is very supportive of price.
But they will buy that drop by the close.
I dont think the FED will be too hawkish tomorrow. The elections are here.
Why to stress the markets. Yellen wants this job.
If she messes up the markets and it starts to fall hard is not good for Clinton.