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.
<< tactics >>
1) It was judged...
Natural Gas - Short term levels of supply and Demand to watch next week.
Supply and Demand:
2.923 is a level to watch closely on Monday. Last week we broke through a daily trendline at that level and price ran over 71 points in less than a minute.
Just below that level there is Thursday point of control at 2.912, this is where the most volume came in before the...
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.