Natural Gas futures charts looks to be setting itself up for a bigger push higher, with the current correction showing signs of confirmation..... (if the retest of the neckline is successful or if price drops to its target)
Using line charts its easy to see the H&S pattern. Also compared to RSI, there is a clear divergence that was formed. Both the H&S and...
Natural gas broke above the neckline of it's bullish reversed Head & Shoulders pattern. Potential is equal to the height of the formation, giving a $7.30 target.
Natgas has reached the upper parallel line on 13 Dec 2013 (Friday). Today 16 Dec 2013 has opened with a gap down. If the market continues lower below today low tomorrow this could be the sign of a change in trend. First target around 3.8.
Natgas weekly chart is showing the early stages of a possible double top. The price could drop to 2$/mmbtu wthin 6months. Specific entry on the daily chart will follow.
Still Long Ngas from August price and volume are really picking up due to colder weather. Local gas prices have jumped upwards of 30% due to demand, which can only be good for the price.
Can u spot a goldman trader millions of lightyears away. ;)
Short Copper HG versus ("hedging") Long China (FXI i guess) or Shanghai Comp.
www.businessinsider.com
I'm still neutral but will go bullish with break of neckline. Then we will see the normal back test of neckline and then....Pedal to the metal. Indicators lean towards bullishness.
As always.... time will show.
Safe trading Gents!
BM
Music at work: www.youtube.com
A reversal plunger bar formed on the 26 Sept 2013. The bar also entered inside the (0.618-0.764) Fib buy window: a good sign for the bulls. The weekly EIA natural gas report was issued the same day ir.eia.gov showing a net storage increase from the previous week. This pushed the price down to 3.450 but by the end of the trading day the price was able to regain...
Natgas posted a low on the 08 Aug 13 (3.300). We are currently trading above the 20MA where the price found double support (20MA and 1/1 downsloping Gann line). The overall chart pattern is an inverted H&S, breakout of the neckline is going to project the price higher towards the next Gann line (2/1) . Another important bullish signal is the crossing of the 50MA...
Fundamentally, there's not much out there to cause a steep jump in prices. I think this is mostly a technical move - the market was simply under priced.
Warmer weather forecasts for next week could increase demand or gas by forcing homeowners and businesses to use more air conditioning, but the South was expected to remain on the cool side, partly blunting the...
I think here we are on the last wave down to 3.400. A regular swing has formed at the median line, between the inside 50% sliding parallels and finally touching the 20MA. A small trend-line can even be drawn joining the higher low points of the swing. I consider this as a bearish swing that could project the price at the 3.400 demand area. A that point the bulls...
