Simply put, good risk reward. Could see a wave 5.
All technical indicators are oversold with signs of reversal on Daily and Weekly time frames. Additionally, we touched th 200d MA and bounced off of it. Be careful though, this might be a short lived bull run as we might fail to break 3.1 and thus create opportunity for a leg down. Thus I will set my first target at 3.1 and wait to see if there are signs of weakness.
Based on Daily and Weekly technical analysis as well as fundamental I think there is a possible trade to the long side for NGAS in the upcoming weeks. I will post a more in-depth analysis when I see a window to enter the trade. For now I am keeping some cash to be ready.
The uptrend of NGAS in the past week was a completely irrational move fueled by good news for oil. Other than that, inventories were slighly below forecasts and weather neutral. Furthemore, this rally is starting to experience exchaustion with huge spreads between bid and ask which leads to gaps--mostly to the downside. Thus, I believe that panic selling will...
Friday I started selling my position in NGAS. Whilst I do expect further movement up, I think that there may be a possibility for some profit in the short side. That's because the upper BB did not seem to widen when the price reached it. This is a very common sign of NGAS reversing. Furthermore, the STOCH RSI look like not much upside is available. The MACD is...
NGAS PRICE SHOULD TEST THE SUPPORT TREND LINE AS SEEN ON THE CHART AT 2.770. PLACE A BUY LIMIT AT 2.770. STOP LOSS 2.645
Slowly but surely climbing. Building base and support line. Buy for Long term hold but resistance may be the BLACK SOLID LINE. The below Solid green line will act as support but if fails then Bear Market.
We expect buyers to enter this commodity at this price 1.795.
Another long on this commodity, we took first TP on our last long, then broke even. We have good reason to buy this commodity again this week. TRADERS TOOL: www.forexstocksignals.com GET trade setup direct to your mobile device: Whatsapp / Email: www.forexstocksignals.com