NGAS SHORT
Updated
Natgas currently looks very bearish on the chart. Yet, the price needs to confirm a break of the current upward trend by breaking the diagonal support with relatively high volume and snappy movement. Based on data epectations we should see NGAS reach its first support 2.88 during next week and if further favourable (the data) 2.645. If you don't currently have an open short NGAS position I would highly reccomend you wait for the break of the support and then enter.
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Regarding DGAZ: The much expected pop happened today as many of the big-time holders begun covering their shorts. Considering this as a squeeze we should see further generous upside in the upcoming days, especially due to the divergence between NGAS decrease and DGAZ increase in the previous two. Still, there is a contago and you have to keep that in mind when trading the ETN.Trade closed manually
I will be the first one to admit it. After that huge pop, the stress was too much. Exited my position for a 5k profit. I will re-enter tomorrow after news.
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