LONG NG
Updated
This is a 1 Month Chart.
The 28/06/2022 was the last trading day for the July contract and the NG trade settled at the closing price of 6.55 USD.
This was according to my expectation above that day DCB REF PRICE of 6.50 USD but below my Price Target of 6.85 USD.
Now it may not be a large dollar amount nor a large percentage but it is atleast a positive trade.
Currently I am trading and still maintaining financial instrument 3 x leverage ETF tracking NG on the MIB
At the time of writing during the asian session the price of NG is trading above the previous day close and the current day DCB REF PRICE of 6.55 USD and above yesterday's peak @ 6.74 USD
On the 1 Month chart I have indicated the trading period for today with two black vertical line on 29/06/2022 DATELINE I 00:00 UCT +2
which will mark the start of the trading day for the August contract and 30/06/2022 DATELINE II 00:00 UCT +2. On both DATELINES I have traced the Fibonacci retracement tool to the UPSIDE as indicated in GREEN from the
current day DCB REF PRICE @ 6.55 USD (as indicated as a horizontal orange and black line on the chart sine the currentday DCB REF PRICE and the TERMINATION OFTRADING DATE Closing Price overlap)
to +10% of the DCB REF PRICE (as indicated as a horizontal orange line on the chart)
and to the DOWNSIDE as indicated in RED from the current day DCB REF PRICE (as indicated as a horizontal orange line on the chart) to 10% of the DCB REF PRICE (as indicated as a horizontal orange line on the chart)
Yesterday I have noticed this bullish chart pattern starting from 18:00 UCT +2 time on 27/06/2022 and used
the ray line tool to project 3 potential scenarios labelled TRENDLINE I, TRENDLINE II and TRENDLINE III (as indicated by diagonal blue lines on the chart) to indicate where the price NG might close today as those lines
intersect the DATELINE II as one would notice I made a slight adjustment for todays trade which is as follow.
6.95 USD = TRENDLINE I
6.85 USD = TRENDLINE II
6.65 USD = TRENDLINE III
6.95 USD seems too bullish since it is not only because it seems close to the psychological level of 7 USD, but because some traders will go risk off prior to the release
of the EIA Weekly Storage Report which will be, release tomorrow. Also because of how close Fibonacci levels are at that price level of 6.90 - 6.95 USD level(as indicated by red rectangle on chart) over the past 2 consecutive trading days. US Stocks went red yesterday and it is my expectation that certain stock traders might also close their NG trade to cover margin calls
6.85 USD is my previous days target price which I will maintain today since it intersects with the bullish pattern on the 27/06/2022 as
mentioned above aswell as the previous day closing price 28/06/2022. Since the price of NG expierence a period of consolidation during the time period of 20 - 23 July after the 17 July sell off
resistance is expected @ 6.75 - 6.80 USD price level (as indicated by a yellow rectangle on the chart) but I do expect NG to do a break out above this level.
6.65 USD is above the current day 200 MA on the 5 Day Chart and I am of the opinion that the price of NG will close above this level at the end of this day, if not that atleast above the current day DCB REF PRICE that is. The MACD is looking good on the 1 Month Chart with the Blue line crossing the Red line.
So my trade for today is as follow...
POSITION: LONG
PRICE TARGET: 6.85 USD (TRENDLINE II)
STOP LOSS @ 6.49 (as indicated close to the Horizontal blue line labelled Preious DAY DCB REF PRICE on the chart)
ENTRY POINT: 6.51 USD
FINANCIAL INSTRUMENT: 3 x leverage ETF tracking NG on the MIB
All the best with your trading!
The 28/06/2022 was the last trading day for the July contract and the NG trade settled at the closing price of 6.55 USD.
This was according to my expectation above that day DCB REF PRICE of 6.50 USD but below my Price Target of 6.85 USD.
Now it may not be a large dollar amount nor a large percentage but it is atleast a positive trade.
Currently I am trading and still maintaining financial instrument 3 x leverage ETF tracking NG on the MIB
At the time of writing during the asian session the price of NG is trading above the previous day close and the current day DCB REF PRICE of 6.55 USD and above yesterday's peak @ 6.74 USD
On the 1 Month chart I have indicated the trading period for today with two black vertical line on 29/06/2022 DATELINE I 00:00 UCT +2
which will mark the start of the trading day for the August contract and 30/06/2022 DATELINE II 00:00 UCT +2. On both DATELINES I have traced the Fibonacci retracement tool to the UPSIDE as indicated in GREEN from the
current day DCB REF PRICE @ 6.55 USD (as indicated as a horizontal orange and black line on the chart sine the currentday DCB REF PRICE and the TERMINATION OFTRADING DATE Closing Price overlap)
to +10% of the DCB REF PRICE (as indicated as a horizontal orange line on the chart)
and to the DOWNSIDE as indicated in RED from the current day DCB REF PRICE (as indicated as a horizontal orange line on the chart) to 10% of the DCB REF PRICE (as indicated as a horizontal orange line on the chart)
Yesterday I have noticed this bullish chart pattern starting from 18:00 UCT +2 time on 27/06/2022 and used
the ray line tool to project 3 potential scenarios labelled TRENDLINE I, TRENDLINE II and TRENDLINE III (as indicated by diagonal blue lines on the chart) to indicate where the price NG might close today as those lines
intersect the DATELINE II as one would notice I made a slight adjustment for todays trade which is as follow.
6.95 USD = TRENDLINE I
6.85 USD = TRENDLINE II
6.65 USD = TRENDLINE III
6.95 USD seems too bullish since it is not only because it seems close to the psychological level of 7 USD, but because some traders will go risk off prior to the release
of the EIA Weekly Storage Report which will be, release tomorrow. Also because of how close Fibonacci levels are at that price level of 6.90 - 6.95 USD level(as indicated by red rectangle on chart) over the past 2 consecutive trading days. US Stocks went red yesterday and it is my expectation that certain stock traders might also close their NG trade to cover margin calls
6.85 USD is my previous days target price which I will maintain today since it intersects with the bullish pattern on the 27/06/2022 as
mentioned above aswell as the previous day closing price 28/06/2022. Since the price of NG expierence a period of consolidation during the time period of 20 - 23 July after the 17 July sell off
resistance is expected @ 6.75 - 6.80 USD price level (as indicated by a yellow rectangle on the chart) but I do expect NG to do a break out above this level.
6.65 USD is above the current day 200 MA on the 5 Day Chart and I am of the opinion that the price of NG will close above this level at the end of this day, if not that atleast above the current day DCB REF PRICE that is. The MACD is looking good on the 1 Month Chart with the Blue line crossing the Red line.
So my trade for today is as follow...
POSITION: LONG
PRICE TARGET: 6.85 USD (TRENDLINE II)
STOP LOSS @ 6.49 (as indicated close to the Horizontal blue line labelled Preious DAY DCB REF PRICE on the chart)
ENTRY POINT: 6.51 USD
FINANCIAL INSTRUMENT: 3 x leverage ETF tracking NG on the MIB
All the best with your trading!
Trade closed: stop reached
30/06/2022Yesterday during the American session but after the close of the European session the price of NG went below my Stop Loss for the day @ 6.49 USD which did not get triggerd due to the MIB market being close at that point in time.
The current day 30/06/2022 DCB REF PRICE Is the same as the previous day DCB REF PRICE @ 6.55 USD. My Stop Loss will most probaly get triggered during todays trading session. In the meanwhile I'll wait for the EIA Weekly Storage Report release later today before getting back into the trade.
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