UNG: Best guess of what is next for natural gas.
We did get a bounce up in natural gas after my first post on October 23rd. (see link below if interested). Price rose just enough to close the closest gap. In the hourly chart this was followed by a .78 correction. It may move lower in Monday to closes the small gap below the current price but sometimes starting gaps are not closed right away. If Monday goes up I would think it is likely the next higher gap would get closed.
On the daily chart I used the daily RSI (using the positive reversal) to determine a possible target if the rally continues. When using the RSI remember it is determined by the closing price.
As always: act on your own analysis. But I hope this is helpful. Have a great weekend.
On the daily chart I used the daily RSI (using the positive reversal) to determine a possible target if the rally continues. When using the RSI remember it is determined by the closing price.
As always: act on your own analysis. But I hope this is helpful. Have a great weekend.
Comment:
1/2 of my position sold premarket at 22.50.
Comment:
Target > than 22 and gap was closed, followed by a correction. I think there is a good chance the correction is over. We will find out tomorrow or Thursday.
