The big question is what is going on with Nat Gas this year???
The December(Z) contract is still coiling up in a wedge pattern and about to reveal the answer.
A closer look at the bullish scenario...
It's looking technically hopeful with the 200 Week EMA, $3.00 level, and the bottom of the wedge all lining up.
The price gapped by 69 cents. Hard to think there aren't whales having fun fleecing retail or something.
I wonder what will happen next with the COT.
Actually we just changed month as we were close to expiry. Damn might have been able to profit from the contango. Still funny to see.
I wonder how many retail gap traders...
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Analysis of #Nat Gas
here we have a rising channel to a key level.
I don't usually trade the inside of channels as we all know channels always break and after NAT GAS reached key level am waiting to see...
Looks like it has been gravitating towards long-term (1997) support for a while now. I'm watching for it to hit that level then rally in late October, early November. If it does not hit that level in October, no position will be taken. The gray arrows show times when price gravitated towards long-term support. The green arrow shows what I'm thinking might happen.
Ah the famous "free money" option sellers.
Ah the famous strangle strategy.
Option sellers. Ok.
Naked option sellers. Sooo...?
Way out of the money naked option sellers. Let me think...
Way out of the money strangle naked option sellers. Getting good.
Ultra Leveraged Way Out Of The Money Strangle Naked Option Sellers. Oh boy.
Ultra Leveraged Way Out Of The Money...
You can call me crazy for having these estimates. Mind you, I was calling this scenario earlier. This has fair possibilty after a tripple combo correction cycle that has going on for years. Major bankruptcies will also force prices to go up sooner or later.
Today we will give our technical view on Natural Gas
Main items we can see on the chart:
a) We are working on a weekly timeframe because we are facing structures that come from 2000 until the present
b) The main structures we have are 1- Monthly Support zone and 2-Monthly descending trendline. Those two levels are the edges of the current scenario.
NG price is on a crucial point, crossing MA 50 and the previous uptrend line, testing the May 5th support at 2.137. Despite the rally of Sep. 23rd, trading volumes didn't appear so powerful to justify a short term rebound. But NGI forecasts and US Energy Information Administration Weekly Storage Report, accompanied by the beginning of the next cold season, give...