NG see strong support around 3.1 and resistance just above 3.8. Watch close if the price could break through 3.351 and 3.5 or downtrend below 3.1.
Sat under potential resistance. Buying interest sub 0.175
A lot of chop in the mkt but still looks constructive while 50.60 holds. Great risk reward if we do find support in low 51s
Intraday 19 01 2016 Natural Gas Buy Sell Levels.
Early this morning Natural Gas broke the trendline and has begun to consolidate. Thus I am short-term bearish on Natural Gas and looking for sell set-ups. I usually stay off of the 15 minute for trade ideas but as this is coherent with my short term analysis for this pair I will look to take this trade. The bearish AB=CD pattern may complete around the .5...
If it won't break above, My suggestion is short until 0.382 support line.
Strong weekly candle filled the larger gap below from Nov 28 as well took back the 200 MA 3.30 (the caveat is there is still a smaller one Nov 21 2.852 - 2.891 but I expect it will wait for shoulder season if it fills since we've moved up for now) Tested 20MA with a convincing push up = bias remains BULL 50MA crossed above 100MA 20MA closing in on 200MA Up...
Looks like we have further to go south. Eyeing up support at 0.056.
Volume rising, but price remains within bounds. Lower highs and higher lows. Rumor of new cold weather blast hitting the North West, and Mid West Coast could push prices higher. Weekly chart still shows good opportunity for Long positions imo. Other's thoughts?
Drew an ugly Cup/Handle in light blue, Nice breakout from the red down trendline. Daily stoch turning back up. And winter is here ;)
details on chart. Nice short, break of TL from 11/17. Just watch out for the report tmr at 10:30AM EST.