Since the first of November, NGAS has had a nice run up but now appears to be pulling back for a correction. As part of my learning Renko Charts, I've created three views of NGAS:
Daily TF: source/close | style/traditional | blksz/.050
2Hr TF: source/close | style/traditional | blksz/.025
5Min TF: source/close | style/traditional | blksz/.010
With the price...
There is also a decent next bar market at the present moment to jump in short and ride this out.
I'll buy, in 3020, stop, 2990, the first 3127 target goal
fundumental seems weak, charts are confusing, but i'm long on that one. Hopefully it will support my estimated rally and go up, and it better be soon because if it will tag the 200MA it will cost a lot.
NG breaks 3.1 level and is likely to gap down again if it could not pick up the momentum. Partially it's due the warm whether forecasting this winter. If NG lost 3.1 strong support, it might even go down to 2.9, 2.68 and 2.55 for the next step
NYMEX:NG1!
Everything is pretty much shown in the chart. I have heard Natural Gas is hard to technically analyze but in my limited experience patterns seem to work pretty well.
---If price continues to the top trendline, I will look to see if it forms in 3 waves. If so, I will be more confident this is a triangle and will look to long around the E point (perhaps right...
Worth keeping an eye on the tightening range here.. A break has the respective HVF target in its direction. Targets line up surprisingly well with the extremes. I will be watching close to potentially start a position here in coming days.
