Natural Gas - Long from neckline
Updated
Natural gas is a very volatile commodity, with wild swings from time to time. However, lately, the patterns have been obvious. We had a long term downtrend that followed the wave on the way down with precision, a double bottom reversed the trend, then a wider inverted H&S pattern emerged, and now NG is at the h&s neckline which coincides with value.
On the daily chart, a corrective double bottom with a false breakout, bullish divergence, and a bullish candle pattern calls for a long.
In the shorter term, I am looking for 4.00, maybe beyond that for the longer term, however if NG will get to 4, I will reassess my position at that time. Soft stop below 2.950.
On the daily chart, a corrective double bottom with a false breakout, bullish divergence, and a bullish candle pattern calls for a long.
In the shorter term, I am looking for 4.00, maybe beyond that for the longer term, however if NG will get to 4, I will reassess my position at that time. Soft stop below 2.950.
Trade closed: stop reached
Stopped out
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