For now, it looks like the bigger picture is climbing steadily towards previous highs. On lower timeframes there have been lots of good buy-setups, we're in the middle of the structure now, so being patient and waiting for good quality R/R buy-setups is a good idea.
The volume on the monthly has been declining as well because we have been correcting. A spike in...
NATGAS has now reached the weekly support near to the 2.600 area over an ascending weekly trendline.
The market is moving inside a minor descending channel and currently testing a minor resistance.
According to Plancton's strategy if the price will break above and the conditions will be satisfied we can set a nice long order.
Follow the Shrimp 🦐
In this short trading idea I'm going to explain why I believe looking at technical indicators when trading natural gas is pure garbage. I'm generally not a fan of technical analysis. Let me try and explain my reasoning. If a stock goes up both the technical- and fundamental analyst celebrate. They both think they've figured it out. But lets imagine that company...
Gas Long Setup (refer to the setup marked with "2")
🔵 Entry: $2.704
🟢 TP & RR: $2.898 (3.4)
⛔ Stop Loss: $2.647
✔️ Support level
✔️ Close to the 0.618 Fib retracement
✔️ Diagonal trend line within ascending channel
📝 A few things to note here:
1. Seeing how price action develops, you may close the trade setup suggested yesterday (marked as 1)....
Gas Long Setup
🔵 Entry: $2.81
🟢 TP & RR: $3.04 (1.71)
⛔ Stop Loss: $2.67
✔️ Reaching lower trend line
✔️ Reaching support level
✔️ Market Flow indicator printing small divergences in the oversold area
📝 Not a great RRR, but the SL is positioned at a very safe level below the diagonal trendline and the recent lowest low. If price bounces off that...
NATGAS on the 4h chart is moving inside an ascending channel.
The market after the last impulse retraced over the previous resistance now turned support at the 0.382 Fibonacci.
According to Plancton's strategy, if the price will break above, we can set a nice long order.
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
Next week will be a make or break. If next week candle is strong then we break 50ma and rsi level break above level 50 posting to a more bullish form. But if recent fall will affect next weeks performance then this candle is still at risk of not breaking 50MA resistance.
Will the recent massive fall will stall the recent breakout from high? Last time 4h support holds well for a bounce. Lower timeframe should establish strong support to evade another massive fall. But if next week, and the candle is strong, we may see a rally after this breakout and confirm the breakout. Trade at your own risk
Natural Gas has already been bullish over a trend duration (3 months or more) as it recovered from the Covid Global Deflation. Now Natural Gas is quietly setting up for a bullish TAIL Breakout, i.e. the start of the next bull market in energy and commodities.
To call the next commodity supercycle is a little early but we can see several factors hinting at that...