NG is trading within a steady Channel Down on 1W since February (RSI = 36.221, MACD = -0.203, Highs/Lows = -0.1685) with the price currently consolidating after making a Lower Low near 2.160. Based on the 1D RSI pattern, Natural Gas should now seek a higher level near 53.00 for rejection which inside the Channel Down will be in the form of a Lower High.
Natural Gas has been consolidating after huge sell off today. UGAZ and Natural Gas has potential to bounce off the 1 hour 180 day EMA for a 7% return. Wait for confirmation of higher lows and higher highs before entering trade. Observe UGAZ during market open for confirmation of upward push.
A lil sumting from my old friend. Full me once, shame on...shame you...fool me... i wont get fooled again... this could be just another 3 wave move back up than down we go again... gonna wait to see how this unfolds. may take a short at .1.272 or 1.618 if the waves tell me too. otherwise waiting for a full 5 up, 3 down to the .50 for a beautiful long...waiting
Natural Gas is contained within the neckline of the right shoulder of the 1W Head and Shoulders pattern that peaked last November (2018). The RSI on 1D is now approaching the 53.3800 level which has rejected any upside possibilities in the previous 3 times. We are expecting a similar development and target 2.400.
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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
Twas not a flat, so WTF! Many things pos IMO, many things say up for now, or a bit more down than up... 2 of an impulse, B on ZZ, X of a combo... that sweet wick on wick action in the a/1 is throwing me a bit...anyway some bull div. A bit up pos..or dumparoo $ugaz $dgaz $ung
Last update Ugaz bounced off support all the way back near resistance...maybe again? It bounced to .9 of the previous swing, so im leaning flat and now it is on the 4 of the C potentially. Then Bang, Zoom, to the Moon!...potentially. The main channel has been broken and played off of, which can happen in a 4. If we break into the wave 1 territory at the orthodox...