Cautiously Long on NG1!
Updated
Uncertain of the overall direction of NG here as we have, apparently, formed a bear flag in daily and weekly TF's and not certain if the last leg up was the last touch of the top of it...? However, we have bounced on the bottom trend, and held the equilibrium and now the top of the previous low range. Price action says we needed to test this level again anyways, plus the bounce on trend is good confluence. With an entry here, a short stop just below a couple days agos' low, makes great risk to reward and that is the name of the game ! The weekly RSI and MacD have a very rounded reversal pattern which looks good for some more upside continuation. Also, top trend of bear flag, long continuation down trend line, key level, and monthly 100 day SMA, all converge right @ 3.10 right now, which is why I have it as the target ! However, it will totally depend on how price reacts from here on out ! But again, the risk to reward is there, and can always flip short if we close a daily below the "stop" area. Also expecting the winter weather to help this one out !
Note
Order cancelled
Yea, this shit didn't work out... obviously...
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