I know this would be a crazy move and I have no clue what would cause it, but the chart says that this is a possibility.
As you can see, the chart has formed a H&S pattern and is breaking down. If you take the length of the pattern and extend it down past the breakdown, you get a price target of sub $2. Maybe this is a move that plays out like oil did in 2020?
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If we end up breaking the previous lows at around $7.30, then we should see sub $2.
seems crazy but maybe not. what would that do to the NG futures price?
benjihyam
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@goldenroad00000001, I think $3.42 or lower. I think the move that’s happening right now rejects the 200 day moving average and moves lower similar to the move that took place Sep 14
goldenroad00000001
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@benjihyam, i shorted that breakout on open. seems like a good way to get rid of many contracts higher for whomever pumped it 10% buying only 900 contracts. I just struggle to under stand how UNG is gonna goto 1/9th its value and NG is only gonna lose 1/2.
@goldenroad00000001, it just depends on timeframes and I analyze each chart individually. First target down on ung is $8. Might take till Q2 2023 for the full move down to play out. Same on natural gas futures, first target is $3.42 but it potentially has more downside if that level breaks.
TORNADOF5
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8% up omg
benjihyam
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@TORNADOF5 can always tell someone doesn’t know how to read a chart when they comment hourly moves on a daily chart
TORNADOF5
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@benjihyam, long term every thing can happen / but most ppls want to make money fast and get out no ?? just traying to learn man /im noob it is true /but im traying day trade and swing trades /im to scared from long term trades :{
benjihyam
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@TORNADOF5, just keep trying to study and learn. Everyone has different preferences for trading styles- personally I don’t like day trading. All of my charts play out over a series of days, weeks or month. Don’t really care what the market does tomorrow. I just try to get big portions of large moves
TORNADOF5
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@benjihyam, could be nice / i just panic to hold long tern :{ need to work on myself it is hard