XNGUSD- Spot Natural Gas Ascending Wedge
Updated
As shown on the 15 minute chart XNGUSD is in an ascending wedge pattern which is generally
considered bearish. In the past day, price has fallen slightly below the support trendline.
Is this a fake-out or a breakdown? The RSI had turned decidedly weak while the MACD lines
crossed above the histogram and are now under the horizontal zero line. These both suggest
a breakdown falling out of the pattern. Price was well above the high volume area of the
profile where there is little trading to support a further price rise. Overall, XNGUSD may have
went up too far and too quickly. I expect a full reversal as suggested by the mass index indicator
so I will short-sell this forex pair. with moderate leverage. The stop loss will be inside the
pattern just above the support trendline while the target is 2.35 about the value where price
started its previous uptrend.
considered bearish. In the past day, price has fallen slightly below the support trendline.
Is this a fake-out or a breakdown? The RSI had turned decidedly weak while the MACD lines
crossed above the histogram and are now under the horizontal zero line. These both suggest
a breakdown falling out of the pattern. Price was well above the high volume area of the
profile where there is little trading to support a further price rise. Overall, XNGUSD may have
went up too far and too quickly. I expect a full reversal as suggested by the mass index indicator
so I will short-sell this forex pair. with moderate leverage. The stop loss will be inside the
pattern just above the support trendline while the target is 2.35 about the value where price
started its previous uptrend.
Trade active
Price rose to approach the support trendline from underneath it but put in a "tweezer top" and fall back. This seems to confirm that the trendline is now resistance and the breakdown is not a fake-out.Trade active
I got a nice daytrade from BOIL this morning netting 9% on the trade. It is a reverse split candidate for Friday and may be getting some eyes on from inexperiencedtraders thinking they might 20X their money in the reverse split. Underlying spot
natural gas price went up 5% so perhaps it is simply a reflection of that.
Trade active
Two trades of natural gas might be getting hot again finally.Note
Bull run raging 
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.