U.S. NATURAL GAS (NGAS) UPTRENDING AGAIN?
Updated
OWN OPINIONS. NOT FINANCIAL ADVICE
US NGAS has broken short term resistances. If the key longterm trendline is finally broken, it would be uptrending again. NGAS trends in cycles, which means it's mean reversing, so after touching key supports in the 1.60$ area, it's now reversing to the long term means.
Currently, it has broken the 200 day SMA, with a clean backtest and rebound. This price level also serves as a trigger for CTA buying.
As for Elliott waves, we would be starting the 5th wave with a price target of 3.28$/3.55$. That's where there's a confluence of prior relevant highs (breaking above would be very bullish), the 2STD from the YTD AVWAP, and the market maker's short/long flip pivot point
US NGAS has broken short term resistances. If the key longterm trendline is finally broken, it would be uptrending again. NGAS trends in cycles, which means it's mean reversing, so after touching key supports in the 1.60$ area, it's now reversing to the long term means.
Currently, it has broken the 200 day SMA, with a clean backtest and rebound. This price level also serves as a trigger for CTA buying.
As for Elliott waves, we would be starting the 5th wave with a price target of 3.28$/3.55$. That's where there's a confluence of prior relevant highs (breaking above would be very bullish), the 2STD from the YTD AVWAP, and the market maker's short/long flip pivot point
Note
Long term trend line finally broken to the upside, retested and bounced. PT remain 3.28$-3.55$.Note
NGAS upward trend keeps going on. 1st PT remains on the 3.28$ area, maybe will be reached with a big opening gap on Monday.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.