Missed this rally. Saw the possibility but didn't like the probability. Trade ideas: A corrective pullback in wave (ii) holding support would be an aggressive entry. An impulsive i-ii setup off the (ii) is safer ( better defined stop). Taking out the presumed coming wave (i) high is safest with stop below wave (ii).
Broke below interior upward wedge Looking for a bounce back down around 2 std dev above mean of the shorter regression trend, 2 std dev below mean of longer regression trend, previous support level &OR .382 fib for a short Next target is the lower bound of the large upward wedge, which could be support, or it could just continue down. To be contiued.. Ugly...
100% retracement support level at $8 will act as a good buying zone for UNG
After this small correction we are heading towards a higher high.
Natural Gas looks to be consolidating the recent bullish leg from the break of $2. Price failed to break $3 and has formed a bullish flag pattern consolidation on the Daily and 4H charts. On the weekly there is a nice rejection of the 38.2% retracement of the previous leg. On the intraday chart we see a nice breakout of the bull pattern. Watching for a retest of...
NGAS
Risk/Reward = 14 Wait for pullback in 2.27-1.935 area and buy
Many thanks to Elliottician expert Arkady at www.elliottwavetrader.net for his assistance with this NG count. See my earlier ideas on UNG or NGN2016 for different time frames.
...but first, the pullback to the A/R & U-MLH. P! Learn To Earn: mytradingcoach.teachable.com
I expect a big UP for QEC. Quebec is approving fracking again Nat Gas prices up too
Not 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...
Buy NG1! for bounce off trend line support and potential break out of wedge.
I'm still long on $chk and got shares under $5. The channel remains in tact, gaps appear to be filled. There has been 2 successful breaches on the money flow index, that gave rise to share prices prior to the decline. Imo, we were due for a decline. I will post another chart showing a green cloud on the 3hr chart which is starting to act as support
There appears to be an error on this chart for 26th April data. On the natural gas futures chart, a well formed Head and Shoulders pattern since 20th April I'm looking to short with an initial 40 point target. Stops above today's upwards spike after the FOMC announcement (on this chart it is 2160)