Large volume and a wick after an extended down move in Natgas. Also forward curve is bullish relative to spot price. Don't buy UNG because of the roll decay, buy the spread NGH2018-NGJ2018.
Short UNG here, stop 7.11 Take profit is a negative close today. If this event doesnt happen, then we hold overnight.
I'm looking to short Natty Gas soon and need to see just a few more things before I'm satisfied. We formed a high-test on the monthly with May's close and that's awesome confirmation of the large weekly head and shoulder pattern. I'm now watching for a head and shoulder pattern on the daily and a pullback to the fibs for the right shoulder. That is where I'll...
Had a position in DGAZ which has done well. NG may drop more but I deciced to take profits after relooking at the chart. Here is another posible course and count as compared with previous post (link below). Take care.
Follow from recent post. In the last 3-4 days NG made a .62 up correction from recent drop. Today has started dropping again.
Looks like a bull flag forming on NATGAS tracker BOIL 2x. Id like to buy in on the next tag of the lower flag line. Around $11
I'm republishing this along with an image. Fibonacci spirals on TradingView are not static which causes problems viewing the spirals correctly. Please refer to the image to understand the intended result.
Please review notes on chart. Don't sell yourself short by containing yourself in a linear format. Price action follows a curve.
goodluck. Rsi 4h support me
Not much to say here. It's been a very annoying "wait" for a short here but I "think" we got the beginning of a setup. Wait for a break of the lower trendline + flag. However, I think they might want to bring it up for one more push near the 50% retracement. GL
Just a quick observation here. This looks like a corrective structure. I'd LOVE to see the top part of trend line hit, BUT high volume was unable to break the "bigger tend line top" so maybe the fall starts now? I still think "natty" has one more leg down before a major buy.
There is zero reason to bottom fish here yet. This is where patience on a long entry will save you a lot of headaches. There is still no clear divergence (RSI & MACD) indicating that this "could" be the bottom. As you can see, the "rally" we had this morning is all gone, suggesting another leg lower. I've updated the natty chart with a clearer channel. I'm...
Natural gas is such a great clean source of energy. A favorite for homes. Likely someday will power cars as well. Hard to believe longer term it will not become more expensive. But currently clearly in a shorter term downtrend (down about 5% today so far). Looking at the daily chart it looks like we have already had a 5 wave up move and are now are in a abc...
It's time to pay attention to NATGAS this week. The next big move up is soon. First area of interest is the 2.95-ish area. GL
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.