NGAS broke down the support line (black dots), but finds support at 0.382 fibonnaci and some trend line I found.
I wouldn't like it to meet the 200MA, but if it will break down from that support- it might happen.
it will rally on the following days, that's for sure
fundumental seems weak, charts are confusing, but i'm long on that one. Hopefully it will support my estimated rally and go up, and it better be soon because if it will tag the 200MA it will cost a lot.
I updated the resistance trend-line. It tested it yesterday and I'm looking forward to see what it's gonna do today.
If we look at GOLD, it is not a good sign for a bearish move today in GDX
If GDX breaks today above the triangle, I will close the trade.
if the weekly bar next week will break the triangle toward it's upside, it will confirm the bullish momentum.
If next week bar will not cross the trend-line and will be red- it will be a sign for a continuation of the bearish momentum.
GOLD will enter consolidation state next week, for a week or two, according to RSI and the graph.
Altough i'm not expecting it to shine the next few weeks as we were told about few more rate hikes in the following year.
entered in small amount, if Monday will be green, I'll add.
RSI is overbought, MACD seems like it reached it's peak, and today candle touched the resistance line.
If you have traded by my last idea for NGAS you made nice profit from it. Now it's time to profit from it's correction.