at the moment of writing, NGAS is at the 1.845 level and is forming an accumulation level where an upside breakout will evolve.
we are closely watching for fakeouts on the top and bottom.
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.
