On the 5th of August NatGas printed a multi year low.
28 +1 day later we tagged the 200 SMA
Before I start the update , I suggest you to read this idea from April:
I was a bit early there, but actually nothing has changed: we started a new 3 year cycle. And in this 3 year cycle I...
It looks to me we had started the bottoming process in UGAZ .
Price broke below 13$ with no follow through and on August 5 we broke below 11.69$ and started to recover on the next day .
The weekly chart of NatGAS last week printed a hammer which often signs the end of the downtrend. This week we have the follow and the weekly...
Title is simple. Can go long. Have already been long for a while.
We have broken out of the downtrend.
Targets are black lines above. First target has already been hit.
If you want to play it safe, wait for a close above the black line before entering.
As you can see on the chart, natural gas has hit a support level and i'm sure a lot of buyers are rolling into the market now. You may buy now but make allowances for the fact that support could get broken.
Please note that this chart is an opinion based chart only. Please trade at your own risk
NATGAS is now probably at levels where it is just short of breaking the above resistance trendline !!
#NATGAS Buy above @ 4.540 on Hourly chart with sl @ hourly low of last candle or at 4.450 !
Add more longs above 4.670 on hourly for targets of 4.9 !!
Natural Gas is waiting at important support area also i see bullish divergence at macd histogram on 4h chart.
*** I suggest you to use less leverage.
Have a nice day,
This market is only for a view investors, but really not recommended for retail traders with pockets smaller then a couple Millions.
As for the chart analysis on the weekly timeframe, we see that price had blown through the confluence point and through a couple resistance ranges.
The target is the white centerline.
A potential pullback to the prior resistance is...
Nat Gas - Daily RSI overbought, Weekly has some room to run. Fib levels - .382 support = $3.08, Fib .5 resistance = $3.53. EIA nat gas report thursday should determine NG direction. $HNU 2x ETF for canadians or $ugaz 3x ETF for USA
The white fork gives us the most probable path of price on a longterm scale, it's up.
The yellow fork is the opposite force, and projects the potential for a pullback from the very top, with the target at the centerline.
The price drop through the yellow centerline lead in a halt right before the L-MLH (Lower-Medianline-Parallel) of the yellow Fork.
I would like to start with the indicators here.
First of all the Slow Stochastic. Every time in the last 3 years when the StowStoch printed a flat bottom at the oversold levels it was followed by a strong rally in NatGas prices. Today the situation is the same : we have a flat bottom again.
MACD is also crossing over after the extreme oversold levels and RSI...
NATGAS has has both a strong local and general double bottom and is looking to retest 3.0-3.1 and higher before it sees 2.5 again. Strong gap up over weekend was very predictable as is evidenced from my idea last week.
With both strong fundamentals (bullish report) and strong technicals (respected double bottoms) shorts would be wise to wait and watch for a...