bulls keep pushing natgas to higher levels of structure.
I want to short the market from 2.86 level.
Stop will lie above the underlined zone of supply: 3.06
Targets are based on structure:
Natural gas is on its way to a major structure resistance area.
For many days bulls keep pushing the market without any pullback and
I believe that we will see a retracement from the identified area.
I will be looking for a reversal formation on a lower timeframe to sell the market.
Target level will be 2.5
NG broke out of a symmetrical triangle in textbook fashion. I'm long from the break out and targeting the resistance line in a larger channel formation, although I took some profit today.
I'm an optimist by nature, and I'm glad to be long something in my portfolio.
A simple chart showing the downtrend of NatGas since the peak of Dec, which is the norm as winter days started to decline.
However the weather becoming bearish so quickly has resulted in a steeper decline. I believe we will decline until early March.