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NGAS

NGN2016Haven't posted a natty count in a while. While the bearish count target for wave (v) of 5 is unchanged, wave (iv) did come significantly higher than I anticipated. Credit to the experts at www.ElliottWaveTrader.net for giving me the idea to consider the bullish alternative shown in green. The structure of green wave i of (iii) through April isn't quite to my liking, but its worth consideration. I've been excited about potential for natty to complete its long term correction - and have warned in previous ideas about shorts overstaying your welcome - so I'm prepared to start looking at long entries IF support holds and impulsive waves form off intermediate lows. I'm currently short UNG 7 puts expiring in July, small position.
NYMEX:NGN2016Short
by nick.holland78
NGAS testing long-term bearish trend lineNot an asset I would recommend to trade given it's highly volatile nature, but I find this chart interesting. Last Friday's high (27/05/16) allows us to establish a trend line starting from February 2014's highs. Hard to say what might happen here, but if prices break above this trendline (resistance at $2.19) sometime in the next week or so, we'd probably see a follow through in bullish momentum with a possible target of $2.4. At around this level, prices would hit another trend line, which would perhaps be followed by a correction in the market. Any break above $2.5 would provide technical reasons to believe that natgas would have room to move higher over the medium term. This is obviously a really bullish scenario, and I suspect that prices won't just rise in a straight-line fashion if some of these resistances break. So keep in mind that if the market starts falling after failing to break above $2.19 this upcoming week, prices could very well resume their bearish trend.
FX:NGAS
by ABRAK75
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