FX:NGAS   Natural Gas (Henry Hub)
Time to start looking for another spooky Halloween trade as the latter half of October brings in cold temps.
Prices are now sitting near historically supportive levels and bullishly above the 200 week EMA , with the 50 curling up.

A closer look at the 4hr chart shows prices are coiling up with the RSI in buying territory.
Buying here.
Targets 2.8 to 3.08

Longer term we can also see the Winter contracts are consolidating at the 50% retracement and the next targets would be the 61.8% and possibly the 78% level. Remember, December has been a "warmer than normal" month the last couple years so if this repeats there should be a nice pullback to take advantage of next month.




Trade closed: target reached: Target reached much sooner than expected. Got filled -1 @ 2.795 for $337.50 profit. Looking to buy lower now.
Comment: Criteria for next setup
1. Support at one of the fib levels
2. RSI dropping to the lower bound

Comments

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