Natural gas 1.24% play. Personal target given. Process your way. Would not be surprised to see a small pullback perhaps to breakout line as it is very short term oversold.
The sideways action of Natural gas looks like a developing triangle similar to my view of US Oil. (see link below. Here are 2 possibilities IF I am correct. Process your way. Feedback appreciated.
Technically this looks promising for one more up wave. Watch for a reversal candle or pattern. If price drops below "1" then the EWT wave count is wrong. Fundamentals discussed here: seekingalpha.com At this price currently has a 5.88% dividend yield.
Is the sideways triangle over? If current run up exceeds "b" ( 55.21) then I think it is over. If oil -0.33% has a reversal day today then may have drop to "e" followed by a run up. Even if price exceeds "b' we are short term overbought on the daily RSI and I would not be surprised to see a drop back to the dashed down trend line . Take care. Process your way....
Top in??? Always a crazy guess. But would be a good spot for one. We'll see what happens this week. See link below for my reasoning.
See previous post (link below). Would not be surprised to see some correction soon.
Intermediate up trend broken broken on the dialy log chart. Have a gap to close above. Of course not sure how high it will go before the next fall.
Popped just above channel but back in today. My stop is 3.13. Take care.
Here is how I currently see it.
Although I am longer term bullish I am intermediate term bearish and short. I think the sideways triangle is very likely complete with wave "e" going to .78 of wave"c" then reversing intraday for a bearish engulfment candle for the day Would not be be surprised to see it open lower Monday then bounce to retest Friday's high but fail. If price goes above "c" then...
This a-b-c looking sideways action may be a developing triangle. IFFFFFFFFFF it continues to follow this way would expect next move up to possiby around 70.
Some chartist have observed that the RSI (14) tends to move in ranges. Notice in the daily RSI that the value until 2014 stays at or above the low range on dips. Then it goes way below the line in 2014. Some chartists would see that as a sign that the winds have chaged and a bear market may be starting, which it was. The high of the daily RSI never went...
Lower end of my suspected up move was hit and good drop today.(see link below). Have taken a short position. Could posibly be one more upmove. Could use close above todys high as a stop.
Center line of two long term channels at same location: our current price. Feedback welcome.
The triangle consolidation idea seems to be working out. See link below for longer term charts.
Please see qqq and spy charts also. Interesting to me is that out of a couple of hundred of folks who looked at these charts only a few appreciated them to "like" them. Maybe they are just crap or maybe folks are so bullish it seems impossible. No matter. Just be cautious ahead. Just the same as a older guy: there are 2 currencies: $$ and time. We are spending...
Tops are almost impossible to call. But to it looks like a good time to be cautious.