Hello traders, today I bring you the daily chart of Natural Gas which has been dropping for a while. We are approaching now a strong support zone for Natural Gas supported as well by the 100 DMA. I will buy at current market rate @ $2.68 and accumulate many long positions with stop loss below $2.5 to be conservative. My target will be a run to the upside band of the channel illustrated in the chart hence you can see how favorable this trade would be from risk to reward!
Do you agree? Please share your thoughts, like and follow and I will ensure posting updates.
Please manage your risk properly and allow wider stop loss taking into consideration your capital, leverage and size of your positions.
Good luck!
Do you agree? Please share your thoughts, like and follow and I will ensure posting updates.
Please manage your risk properly and allow wider stop loss taking into consideration your capital, leverage and size of your positions.
Good luck!
Trade active:
Two scenarios - This is an update on 1 hr chart:
Scenario 1. Down to retest the strong support at $2.455 which if broken can lead to further downside to channel bottom and probably next support at 2.345
Scenario 2. Up to test $2.650 and ultimately channel top
I am still in the bull side and favor scenario b considering the RSI negative divergence and strong support @ 2.45.
Scenario 1. Down to retest the strong support at $2.455 which if broken can lead to further downside to channel bottom and probably next support at 2.345
Scenario 2. Up to test $2.650 and ultimately channel top
I am still in the bull side and favor scenario b considering the RSI negative divergence and strong support @ 2.45.