goodguy

goodguy Updated 

From the daily chart you can see we are still in an intermediate down trend with the current price very near the down trend line. Also there was a recent gap down starting at 399.4. Price action seems to love to close gaps. I guess it is just fun to do. And we are just a 1 point from closing the gap. There are currently potential negative reversals in the daily...

goodguy

On 12.17.22 I thought natural gas may soon turn up at around 5.18. (see link below if interested). Clearly that was premature. It stayed in a down trend until now. A clear example why when something is in a up or down trend you best wait for price action (candle stick pattern, trend line break) to support that a turn around is about to occur. Then you have...

goodguy Updated 

This is a follow up from the Oct.23rd post (if interested see link below). We did get a good bonce up after that post but pride than dropped back to what appears to be be a support resistance level. We now have a positive reversal in the daily RSI followed by a bullish divergence in the daily RSI. This combination frequently leads to a rise. It correct I would...

goodguy Updated 

1. The wave pattern on the 30 minute chart looks like a a-b-c- correction pattern. 2. There is often a Fibonacci relationship between a and c. At current level c is very close to equal to a. 3. There is a bearish reversal in the daily RSI. 4. On the daily chart the current price level appears to recently be a support/resistance level. Remember this may sound...

goodguy Updated 

My most recent post suggests a drop is likely soon.(see link below if interested). To me the price action down since the peak in early January looks more like a corrective A-B-C pattern the an impulse 1-2-3-4-5 wave pattern. To me it looks like there have been multiple 5 wave expanding triangles since January. Expanding triangles are a form of sideways...

goodguy Updated 

We did get a bounce up in natural gas after my first post on October 23rd. (see link below if interested). Price rose just enough to close the closest gap. In the hourly chart this was followed by a .78 correction. It may move lower in Monday to closes the small gap below the current price but sometimes starting gaps are not closed right away. If Monday goes...

goodguy

1. No one is always right when guessing the future. We just try to look for patterns and indicators that suggest a target or that the trend is about to change. A year ago I thought the change was about to occur ( see link below for that chart if interested) but I was wrong. For me this type of analysis helps me anticipate but wait for price action to support...

goodguy

We have a bullish reversal in the weekly and daily RSI. There is a possible expanding triangle in the daily chart suggestion on more wave up. Current price is at a possible resistance--support level. Watch for price action to support this idea this week. If confirmed I personally will be using UNG ( 1 x natural gas) and EQT (major USA gas producer). As always: ...

goodguy Updated 

This is a f/u from from my SPY 8/17/22 posting where I suggest a correction was about to start and may extend to the mid portion of the longer term channel. See the link below for the longer term picture. I think we are likely now in the final phase of the correction. Triangles usually occur in the B wave of a a-b-c correction (example with the .0a-.0b larger...

goodguy

In May of 2021 I suggested we may get a bullish correction in the DJI (if interested see link below which gives a longer term pattern.) A similar pattern is present in the SPY . The bullish move developed. To me we are at a fork in the road. It is possible that wave 4 of the final wave up (5) is over in which case price will continue up to the top of the channel...

goodguy

Remember no one can predict the future but we review the charts looking for patterns which hopefully increase out chances of being correct. In looking closely at the DJI chart there are a series of findings that lead me to believe the bulls may still be in charge (likely for the last time for a long while). No guarantee but worth considering and closely watching...

goodguy

This looks like a 5 wave up with a .78 correction so far. Could form a double bottom tomorrow. Or I could be wrong. There is a similar pattern in the SPY. If last weeks low holds there is good chance a decent rally is ahead. Take care. Best to you.

goodguy

For me one of the hardest patterns to initially see is the expanding triangle. It often has 5 waves as do many triangles. The up and down pattern is tricky to trade. If you look at the daily chart there has been a five 5 wave up and down which seems to fit this pattern starting in mid April 2021. The lower price points seem to line up well (descending trend line)...

goodguy Updated 

Based on the wave pattern I think there is a good chance we may have a drop over the next week or two to close a gap and complete the expanding triangle (see hourly chart). This is a high dividend stock ( currently around 14%). If so I will go long. Process your way and make your own decision. If you like fundamentals see: seekingalpha.com

goodguy Updated 

I still favor that very long term we are likely in a consolidation such as a triangle before a collapse of the dollar as is suggested in the 2 week chart. On the 2 day chart you can see a up correction of the fall of the dollar that started in late March of 2020. I have labeled the correction as .a to .b. This move up is a 3 wave zig zag. Often there is a...

goodguy

Feedback appreciated. Have a great weekend. Process your way. Make your own decisions.

goodguy

I last posted on this stock in July. (link below if interested). It continues to look like a cup with handle to me. There was a recent break out above the short term down trend channel and the stock price then returned to the channel. I think it may continue short term to close the gap (2 hour chart) or may start up again now. Note the level "2" is at the up...

goodguy

Seems like it would be a good time to drop. We'll See. Have a great weekend.