Natural Gas got a nice boost from colder weather. Looks about ready to crumble in the next month or so.
I am short April(J) @ 2.81
Worst case on this is if weather defies it's tendency to flip bearish and the longer time frame trend line is targeted. But, it will take a lot to push past the highs at $3.00 (April). In which case adding another short there could...
NATGAS after breaking above the weekly resistance is moving between 2 structures.
According to Plancton's strategy, if the price will break above, we can set a nice long order
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h...
Moving averages and volume in and of themselves can tell an interesting story. Is a Wave 3 under way in a new bull?
$DRIP $GUSH $XLE $CL_F $USO $NG_F $UNG $BOIL #Trading #ElliottWave #CrudeOil #OOTT 🛢️
On the daily chart NATGAS is on support and on resistance. Will be waiting for confirmation to go short. Might hunt some stop losses around 2.88 before coming down. Downwards target is 2.02 and 1.8.
Weekly view:
The NG presents an interesting buying pattern, the price is currently on a resistance line on which the NG is consolidating.
Action :
-> Watch for a break in the resistance line ;
-> Take position after a possible pull back
NYMEX:NG1!
Highest probable move for the day as I currently see it. For now, the volume is low, and MACD trending slightly down which indicates that there's no momentum yet for that up-move. But this also indicates that market participants are building up their positions. London Open is just around the corner, which might be the catalyst for an up-move.
IF-THEN Scenarios that I'm looking at right now, these directions are purely based on possible historical market patterns that tend to repeat themselves.
I will continuously update my view as the market develops.
NICE 7-SWINGS DOWN, ... Perhaps its time to get back INTO GAS,
LOOKs like a BUYING opportunity.
Monitor price action and Volume CYCLE ... try using ticker UNG (ETF)
hey traders,
natgas reached a strong resistance cluster last week:
2.75 - 2.8 is a strong 4H/daily horizontal supply area
on that, the price had formed a descending triangle formation and then closed below its support.
now the decline is expected.
goals for sellers:
2.515
2.345
Please, support this idea with like and comment. Thank you!
NG - On 23rd Dec 2020, NG was in super uptrend and it started its real fall from levels of 202.40 which can be seen from Moving average crossover.
Earlier also 200 was resistance and today also it failed to hold 200 levels and fallen from there.
+
Closing was below the trendline made by joining highs.
Hence, my Positional Call is sell NG @ 198.50, SL 202.40 ,...
