Traders are done selling for now and will be looking to test the $2 level next in anticipation of August heating demand. A bullish pennant is forming and should break out after price clears above the 50 day EMA.
Moving forward, buying the dip is the play as we head towards Winter.
Opened a long position on the September(U) contract @ $1.795
Moving forward, buying the dip is the play as we head towards Winter.
Opened a long position on the September(U) contract @ $1.795
Trade closed manually
Closed position as price approaches a fib level at $1.94Looking to buy again on a dip or after storage report tomorrow.
-1 @ $1.92
Profit: $350
Trade active
Bought the dip+1 @ $1.89
Trade closed manually
Very impressive rally today. -1 @ $2.00
Profit: $275
Related publications
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.
Related publications
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.