Short NGAS below $2.955 to $2.50, then Long
Updated
It appears that NGAS is in the perfect upward reversal pattern, except it hasn't broken the neckline and there is bearish div on the upper hourlies and daily. also, the waves and momentums have not broken into any new uptrends lately and it doesn't look like they will. That tells me that there is a pullback before NGAS goes well into the 3s (and likely further). Notes are on chart, and as I note there, this is a short unless the upward H&S pattern is confirmed with a break of around $2.955.
Note
NGAS still wasn't able to break the upward H&S neckline and finished the day with a shooting star candle. Also, at the very end of the day, it broke below the uptrend channel that it has been in since 9/7. Trade closed manually
at 2.909 I'm closing this idea. I now believe the NGAS is about to go up... besides, my focus has turned to UVXY because I think we're about to get another big drop in the market.Note
NGAS went up over 4% today
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.