Pattern: Channel Up on 4H.
Signal: Bullish on the 4H MA50 or if the Channel Up breaks upwards.
Target: 2.650 and if 2.680 breaks (+12% from low) potential extension towards 3.000 (+27% from low).
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Bullish factors: NG Natural gas price has been rallying for the past month reaching $2.5 level on increased consumption during summer months, improving LNG flows reaching 5.1 bcf/d in mid-August, and two tropical storms in the Gulf area threatening natural gas production. The fundamentals remain bullish going into mid September.
Bearish factors: Production is...
NG at the daily view.
Natural gas is stuck between two trend lines. They're acting as both support and resistance. Currently, Natty is above all major moving averages which is bullish on its face. That said, this could go in two directions.
1) September usually has a pullback due to cooler weather and less need for A/C. However, the temperatures are just high...
but it takes 8 months of consolidation and patience.........
Yet, the result is not final as it could do 2 things now :
1. falls back to the bottom at 1.40
2. breaks out from 2.103 and continue trend higher
I like to think Option 2 is more likely so I will wait for the breakout and observe the patterns first.
With cold weather coming soon to the Northern Hemisphere, Natural Gas could be getting interesting as the failing shale oil industry will eventually cause supply to be reduced.
Natural Gas Futures closed convincingly above the weekly Ichimoku clouds for the first time since early last year. Dips will be supported and a test above 4.00 is possible in the weeks ahead.
Bullish factors: NG Natural gas price has been rallying for the past month reaching $2.5 level on increased consumption during summer months, improving LNG flows reaching 5.1 bcf/d in mid-August, and two tropical storms in the Gulf area threatening natural gas production. The fundamentals remain bullish going into mid September.
Bearish factors: Production is...
Reminds me of silver
I am sure bears are seing this whole uptrend as an ABC. They'll always find reasons to be short.
Rolling over these shorts must be real painful. Imagine trying so hard to be "right" and being obssessed about an idea in a coinflip game.
Mind process:
1- Why bullish on Natural Gas?
Idk it's kinda going up. I just flipped a coin.
2-...
NG at the daily.
NG usually has a pullback in September due to cooler weather, but not quite freezing. There are several supports below. 2.24 and 2.08 will be kind of hard to break since they are the 400 and 300 DMAs. The lowest price that I see this going is 1.97. It's less likely, but Natty has a tendency to do the improbable.
September's pullback may prove to...
