very interesting market sentiment on natural gas.
the market has recently broken above a key falling channel,
and we see a very nice bullish rally.
one more thing, that I have noticed is that
after a breakout there was no pullback.
buyers are just pushing the market higher,
and now gas is approaching...
The NATGAZ is going up and flirting now with the 200 Moving average if the MA break and the 2.70 level we could continue this bounce and target 2.88 but if we fail to break the 2.70 level the probability to get to 2.59 is high so my strategy is to wait for the morning open and see how the market react to the 200 MA and short if we have a bearish pattern
Master (Pure) Charting Analysis: no indicators, no fancy drawings; only Pure Logic and 10 years of Experience.
* NatGas is deemed as one of the best trading (investment) opportunities currently present on the market.
* Resistance volumes are absent in the range from $2.50 to $4.10 = open Upside potential.
* Smooth ascending motion on low volatility...
Natural Gas has finally broken out from the descending channel as the year end is coming and heating season will soon begin.
Factors that helped the breakout:
-channel support line
-yearly pivot support
-proximity of the production costs
-easing geopolitical issues...
Daily rsi overbought with bearish divergence, histogram turning, potential bear macd cross, inverted hammer and holding below the daily 200ema? Yes please. I like my odds here.
Let's see what happens on this one. I'm just looking at the chart, so if there's news maybe I'm screwed...lol
The short squeeze is on and managed money that is short is covering. According to the latest commitment of traders report released for the date ending 9/3/19, managed money reduced short position in natural gas by 24K contracts while increasing long position by 10K. Currently managed money that is short is 3-times the number that is long, 311K to 135K. Separately,...