The potential bearish Bat pattern is completing at 2.83 and the 1.618EXT of AB is at 2.85. Meanwhile the previous strcuture also works at this zone. So it is good to sell short at 2.80-2.85 levels when price atcion is good at the PRZ. SL:above 2.88 TP1:2.72 TP2:2.63 and further more
I will be sorting Natural Gas for only 1 day (12/14/2016) I don't think Natural Gas has a clear direction right now, but I do think it is still in limbo, just at a lower level than expected. Thus I do forecast a drop back from the 10DMA levels of 2.737 to erase today's (11/14/2016) gains, but no movement lower, at least not this week.
The market has borken through the point of last drop and the double bottom has formed. Meanwhile the market is pulling back the neck line which is also the 0.618 retracement of the previous rise. So it is good to buy at 2.60-2.63 levels when bullish candles appear. SL:below 2.55 TP1:2.73 TP2:2.78 and further more
Price is ready to drop , RSI overbought.
Please see chart for details.
daily chart for NG. Watch these supports/res very closely with MFI! Exciting times ahead!
Details on chart. Little drops of water make a mighty ocean.
The NGAS has pulled back the 0.618 retracement of the previous decline and the market will be likely to continue the down trend. Meanwhile a pinbar appeared after the market hit the 0.618. So it is good to sell short at 3.06-3.08 levels. SL:above 3.20 Target:2.66 and further more
After the contract rollover, NGAS lost it's downwards momentum. No special news were published during the intentories and thus I expect NGAS to just "hang out" between the BB (1H) until the BB closes on 4H and D. From there I expect opportunities to short below the current HCL. Expect this sideways state for at least 3-4 more days and...
Trade not open yet, waiting for a entry point below $1.45
Based on technical analysis we should see a leg lower withing the next 5 days. A crucial factor though is the natgas inventories to be released on thursday. Keeping in mind the negative correlation with crude oil observed lately, the data should favour a short position.
WARNING: Tomorrow is a massively important day for short holders. Firstly it is important to note that there is very big spread between December ($3.066) and current contracts. Furthermore, tomorrow invontory data is released. If you see December contracts gapping down tomorrow that is a very bearish sign and could indicate that there is a short opportunity...
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...
In the previous days a pattern has been observed where in the beginning of the day, NG tend upwards but around 10-11 a.m (BST) when volume starts picking up there is a reversal and the downside begins for the day. Thus, I think that every move before this time is just an opportunity to build a position. For those unable to trade futures - even more since DGAZ...