Recently, we warned that Natural Gas may set up another opportunity for traders to buy into a support zone below $2.70 with a selling range near or above $3.00. Our upside target zone is between $3.25 and $3.45. The price of Natural Gas has recently fallen below $2.69 and we believe this could be the start of a setup for skilled traders to identify key buying...
I think NATGASUSD is in for a bigger drop and report may be the catalyst .
Consider the scenario.
1. It consolidated in a range for a long time
2. Made a higher but was unable to hold gains
3. Second wave up after the last report failed to make a newer high
4. It closed on channel below the channel
5. Almost half the volume on the upswings and new...
Disclaimer-I'm new to all this.
This Up bar on daily had no volume compared to a previous Up bar we saw on 20 March 2017-(drawn for comparison). or 4 April 2017
I don't like to recommend anything but it's a requirement to post so ,
Stop loss -3.200 (if this seems too close, well it's a good placement so it'll make it clear pretty soon)
Follow up to first NGAS post....
We appear to be stalling at support (aug 16' and nov 16' lows).
High probability we head back up to test the fibs and 200/250 ema to form a right shoulder. Should test Feb 16' low
Price bounced off of the upper boundary within the wedge and appears to be forming a head and shoulder pattern on the daily/weekly.
We should pullback to the lower boundary and support at the 2012 and 2016 major lows before turning around and breaking out to the upside.
One to watch this year!
Three touches on each side of the wedge, perfectly touched the uptrend line, as well as a storage report coming out after market close tomorrow. Due to falling wedge and bull price action since last march i am leaning long-side here, but do your own due diligence and watch the movement after the report. If price takes off upwards i would expect quite the move here.
We seeing bullish rotation of the "point of control." Be aware of the overhead "gap" that remains as it will be an opportunity for trapped longs to exit trades with minimal losses.
We will likely see longs who accumulated through Mar/Apr/May take some profits. These actions are likely to create some near term resistance. This may also result in prices...
Bulls are attempting absorb the supply evidence by the higher lows present. The theme remains that demand exceeds supply.
Given that prices closed on support I believe a LONG entry is reasonable with a "tight stop" as shorts are buying into resistance.
I believe we are seeing strong hands maintain their positions while new entries respect that they are...