Based on technical analysis we should see a leg lower withing the next 5 days. A crucial factor though is the natgas inventories to be released on thursday. Keeping in mind the negative correlation with crude oil observed lately, the data should favour a short position.
Weekly ngas looks like it has transitioned into an uptrend. Its not clear if this is a major change in trend or a correction. As of now, the weekly chart from the Feb 16 low looks more like an impulse wave instead of a corrective wave. However, I'm still going to look at points of resistance as if its corrective and a retrace of the 2014-02-24 high to...
First, here is how I see the current uptrend unfolding. The point of this post is to show my thought process. It's not to predict either a top or a bottom here, but merely to point out the current probabilities based on the pattern. The fact that the variations of the count on 4H have opposite implications on direction mean it's not worth risking money here...
Pattern 1, Nat Gas green line support broke & made a new low @ 1.87 Pattern 2, Nat Gas green line support broke & made a new low @ 1.50 ???Pattern 3, Nat Gas will??? break green line support & make a new low @ 1.10??? SOLID BLACK RESISTANCE LINE FROM 2010 HIGH & 2014 HIGH GREEN SUPPORT LINE FROM FROM 2009 LOW & 2012 LOW & 2016 LOW Sep 2009 Low - Jan 2010...
Not investment advice. I d like to see some more opinions. Thanks.
Natural gas has during its last intermediate cycle broken out of its down-trend zone. This cycle has now lasted for 57 days. Based on the first intermediate cycle top/bottom it hit the 2.618 FIB ratio on Friday. RSI is in the overbought zone showing divergence with price. Momentum is approaching "the red zone" typical close to the cycle tops. I expect either a...
Please see annotated chart for details.
Small downside opportunity, sellers may come in again in the EST morning. Trend line break ends at 10AM.
It looks as if Nat Gas is breaking out yet again. This time it is the psychologically important $3 level. I think that looking at longer-term charts gives a target of $3.40 However, the higher these prices go, the more likely a lot of stagnant drilling comes back online. The verdict? We will go higher, and then the selling will increase again. 14 Trillion cubic...
I am seeing this this trade as the end of a 5 wave pattern. I am trading the z wave down and also the trade back up . The R/R is good. trade responsibility with an established trade strategy.
Sell NG following sliding curves at 2.80 level and below. Bullish popping looks as a result of non-commerces' short positions covering and technically as a C-section between top-down curves. Currently is under control below 2.88 level .
Missed this rally. Saw the possibility but didn't like the probability. Trade ideas: A corrective pullback in wave (ii) holding support would be an aggressive entry. An impulsive i-ii setup off the (ii) is safer ( better defined stop). Taking out the presumed coming wave (i) high is safest with stop below wave (ii).
Broke below interior upward wedge Looking for a bounce back down around 2 std dev above mean of the shorter regression trend, 2 std dev below mean of longer regression trend, previous support level &OR .382 fib for a short Next target is the lower bound of the large upward wedge, which could be support, or it could just continue down. To be contiued.. Ugly...
100% retracement support level at $8 will act as a good buying zone for UNG
After this small correction we are heading towards a higher high.
Natural Gas looks to be consolidating the recent bullish leg from the break of $2. Price failed to break $3 and has formed a bullish flag pattern consolidation on the Daily and 4H charts. On the weekly there is a nice rejection of the 38.2% retracement of the previous leg. On the intraday chart we see a nice breakout of the bull pattern. Watching for a retest of...