NGAS
Natural Gas May Complete a Short Term AB=CD PatternEarly this morning Natural Gas broke the trendline and has begun to consolidate. Thus I am short-term bearish on Natural Gas and looking for sell set-ups.
I usually stay off of the 15 minute for trade ideas but as this is coherent with my short term analysis for this pair I will look to take this trade. The bearish AB=CD pattern may complete around the .5 retracement of this impulse down which would be a nice location for the short.
Once in the trade I will watch the recent bottom around 3.34 to depend whether I will take profit or hold for further targets (3.297 or beyond).
**This is not meant to be a trading signal so please do not use it as one -- I still have very much to learn as a trader and none of my ideas are trading advice. That said I always appreciate any comments and feedback on my charts and ideas!**
NGAS meets resistance at 29MAIf it won't break above, My suggestion is short until 0.382 support line.
NATGAS Weekly - Gap filled below ..on to the one aboveStrong weekly candle filled the larger gap below from Nov 28 as well took back the 200 MA 3.30 (the caveat is there is still a smaller one Nov 21 2.852 - 2.891 but I expect it will wait for shoulder season if it fills since we've moved up for now)
Tested 20MA with a convincing push up = bias remains BULL
50MA crossed above 100MA
20MA closing in on 200MA
Up trend tested Nov 7 higher low 2.546 within pennies of the prior higher low Aug 8 - 2.523 imo qualifies as a double bottom - same Nov7 low was first touch & test test of 100MA support
Targeting gap to 3.67 and will re-assess price action/fundamentals but ultimately think we see $4 touched before shoulder season
Inventories/Production tight & increasing exports/coal converters are the main fundamental drivers but weather always a wild card
GLTA
Short Term ThoughtsVolume rising, but price remains within bounds. Lower highs and higher lows.
Rumor of new cold weather blast hitting the North West, and Mid West Coast could push prices higher.
Weekly chart still shows good opportunity for Long positions imo.
Other's thoughts?
NGAS breaking out, test 3.8? Drew an ugly Cup/Handle in light blue, Nice breakout from the red down trendline. Daily stoch turning back up. And winter is here ;)
NGAS SHORT GO!!details on chart. Nice short, break of TL from 11/17. Just watch out for the report tmr at 10:30AM EST.
Natural Gas short: FakeyThe uptrend of NGAS in the past week was a completely irrational move fueled by good news for oil. Other than that, inventories were slighly below forecasts and weather neutral. Furthemore, this rally is starting to experience exchaustion with huge spreads between bid and ask which leads to gaps--mostly to the downside. Thus, I believe that panic selling will follow; and as we know panic selling of NGAS is an amazing opportunity to short. I entered short at $3.5 and will hold till STOCH RSI bottoms, where I will try to long as I think NGAS has potential upside.
Changing weatherNatgas has been on a great run because of the cold area over Canada that may enter the USA. However last two days it has become less like to enter the plains. As natgas is overbought, calendar spreads showing relative weakness, and larger than normal volumes in inverse etfs, all these factors support my opinion of warmer weather next week. aka lower natgas prices.
NGAS technical seems like it's time to short.RSI is overbought, MACD seems like it reached it's peak, and today candle touched the resistance line.
If you have traded by my last idea for NGAS you made nice profit from it. Now it's time to profit from it's correction.
NATGAS - Libra Pattern ?NATGAS - Potencial Libra Pattern
This is a good chance to Long NATGASUSD
Possible scenario on the chart.
NGAS: Headwind is strongI placed my short position today at 3.35. If it goes higher, i will consider to add more short.
Trade with care.
Nat Gas - New high or roll over?Sat right under Oct's high... New high or double top and roll over ?
