natgas broke and closed below an expanding wedge pattern.
because the price is currently testing a strong daily structure,
chances are high that the price will drop.
the safest zone to sell from is the expanding area between the support of the wedge and the last higher low.
We have a cup with handle formation. Signal for buy would be a close the current down channel line. If you would go long now can use close below most ring low.
Supporting this idea is a sizable positive reversal in the daily RSI .
Major natural gas producers are: AR,EQT , and RRC all of which are up today. Take a look at them.
UNG is a natural gas ETF .
Natural Gas continues to show a build up of bullish price action.
Linked below is a previous analysis on the winter contracts showing the target hit DEAD on. Being that winter is not here yet, it's very possible this pattern continues to play out to the upside.
The most recent weather outlook now points to December being the coldest month which means...
Time to start looking for another spooky Halloween trade as the latter half of October brings in cold temps.
Prices are now sitting near historically supportive levels and bullishly above the 200 week EMA, with the 50 curling up.
A closer look at the 4hr chart shows prices are coiling up with the RSI in buying territory....
hi, usually i'm not sharing my ideas in here. thats why im pretty bad at using this sites chart while analyse. ım wrıting down here, it will go drawn till 1.20. just watch. appreciate later. bonne chance!
The big question is what is going on with Nat Gas this year???
The December(Z) contract is still coiling up in a wedge pattern and about to reveal the answer.
A closer look at the bullish scenario...
It's looking technically hopeful with the 200 Week EMA, $3.00 level, and the bottom of the wedge all lining up.
The price gapped by 69 cents. Hard to think there aren't whales having fun fleecing retail or something.
I wonder what will happen next with the COT.
Actually we just changed month as we were close to expiry. Damn might have been able to profit from the contango. Still funny to see.
I wonder how many retail gap traders...