Natural Gas got a nice boost from colder weather. Looks about ready to crumble in the next month or so.
I am short April(J) @ 2.81
Worst case on this is if weather defies it's tendency to flip bearish and the longer time frame trend line is targeted. But, it will take a lot to push past the highs at $3.00 (April). In which case adding another short there could work.
Bearish inverted hammer on yesterday's move signals selling is strong and this is the top of a channel.
Red box shows that upside risk and below there are a couple gaps that look promising.
Trading is risky, don't do it.
I am still long August(Q), EQT, RRC and would add on significant dips on any of those.
I am short April(J) @ 2.81
Worst case on this is if weather defies it's tendency to flip bearish and the longer time frame trend line is targeted. But, it will take a lot to push past the highs at $3.00 (April). In which case adding another short there could work.
Bearish inverted hammer on yesterday's move signals selling is strong and this is the top of a channel.
Red box shows that upside risk and below there are a couple gaps that look promising.
Trading is risky, don't do it.
I am still long August(Q), EQT, RRC and would add on significant dips on any of those.
Comment:
Looks like April did in fact rise to $3 and it definitely "took a lot" to get there. A record breaking icy winter death blast propped April contracts above $3 for about 24 hours. Now the week looks like it will end with a bearish inverted hammer. Still holding short with a target to the September low for now and accumulating(% of holding) (60%)EQT, (20%)RRC, and (20%)AR.
Comment:
Price broke down from the uptrend and this short trade is now in the black still with a target to the september low. It could pop higher but I doubt it as the daily MACD is rolling over and winter is over. That zone where heavy volume came in will likely become a tough ceiling to break.
Comment:
Target reached but I am going to hold short for now. It looks like momentum could swing prices lower. I'll watch the RSI and take profits once it bottoms out.
Comment:
It's on another post, but sold august a couple weeks ago. Sold majority of producers this past week. And bought most of them back today. Trading short term swings in producers is the best way to play it even though they should outperform this year.
Trade closed: target reached:
Closing short here as the RSI is now in the oversold region.
Trade active:
Short @ 2.64
Trade closed: target reached:
Covering short @ 2.455 for a $460something gain
Trade active:
Another one? Short @ 2.7 front month contract...
Comment:
FYI Friday added another short on June @ 2.83 as May is expiring soon.
Still short April from 2.815
Target TBD
Still long August from 2.78
Buying more under 2.7
Still long EQT from 16.27
Buying dips greater than 3%