This is meduim and long term investment,
The price of the natural gas are not going to stay at the current level.
The Summer is coming to an end demand we strat to build over this important commodity.
Trade with care.
I'm going long on NATGASUSD on the daily time frame after seeing the market cross and close over my VIDYA baseline and the CMF Volume indicator crossing the zero line going upwards.
My stop loss will be set at 1.5 x the ATR value and my first of 4 targets will be 1 x the ATR value that currently stands at 0.0571 - I'll then move the SL up to my entry
NG is likely to bottom at around 2.85 towards the end of the week. This is at the dashed support line from previous lows during the year.
The 20MA line has also been a confirmation for a change in direction when crossed. It’s distance from the current price may indicate that it will bounce above this support line until the 20MA catches up. Similar to March-May...
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.
As last week, I am taking measure of double zero 3.000 to function as a resistance.
However, Please be aware that the low price is rising and it is a price move that has not given up trying to penetrate double zero 3.000 above.
But, at the moment, I consider a short as judging that double zero 3.000 has functioned as a resistance.
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1) It was judged...