Take care & analyzed it again - it`s always your decision ... (for a bigger picture zoom the chart) This is only a trading capability - no recommendation !!! Buying/Selling or even only watching is always your own responsibility ... 44 COMMODITIES (2016 Yearly Performance) from Chicago, New York & London @ drive.google.com Best regards Aaron
NYMEX:NG1! Previous Structure "zones" Safe Trades;
Long-term trendlines are not compelling reasons to take a trade on their own, however, as participants begin to acknowledge them, the idea is more likely to gain traction as a socially constructed phenomenon. In this case, Nat Gas has broken a technical trendline, that for many market participants is a *technical as an idea*.
Looks like a Fibo 361.8% extension shown that Wave 3 has finally finished on NG1 incredible bullish run. Now, I would expect a retrace and, to find an area to where the price could go, I used an Andrew´s Pitchfork. It shows a Fork line is located near the value of 2.800 which is also a 50% retracement Fibo. Shorting Natural Gas futures from current value may look...
The uptrend of NGAS in the past week was a completely irrational move fueled by good news for oil. Other than that, inventories were slighly below forecasts and weather neutral. Furthemore, this rally is starting to experience exchaustion with huge spreads between bid and ask which leads to gaps--mostly to the downside. Thus, I believe that panic selling will...
Natgas has been on a great run because of the cold area over Canada that may enter the USA. However last two days it has become less like to enter the plains. As natgas is overbought, calendar spreads showing relative weakness, and larger than normal volumes in inverse etfs, all these factors support my opinion of warmer weather next week. aka lower natgas prices.
NG1 futures may top as soon as this week and have an important correction. There is an important resistance level at 3.50 area which is a match of one of two gaps left to close and a 141% Fibo extension of a current bullish run. Also, if a weekly candle closes below 3.36 , it would create a double-top patern which is highly bearish. If the 141% level is not...
Sat right under Oct's high... New high or double top and roll over ?
I will be sorting Natural Gas for only 1 day (12/14/2016) I don't think Natural Gas has a clear direction right now, but I do think it is still in limbo, just at a lower level than expected. Thus I do forecast a drop back from the 10DMA levels of 2.737 to erase today's (11/14/2016) gains, but no movement lower, at least not this week.
I chickened out of my Widow Maker spread and closed out my position. I replaced it with a 2.7 / 3.6 strangle giving me a total of 2 strangles on. My plan is to strangle the widow maker and make some gains or at least scratch the entire trade. Horrible puns intended.
I bought this Widow Maker spread where I thought it was at a low. Apparently it's lower. I sold a PUT to reduce the cost basis. Nothing to do but hold through the draw down. My cost basis is 0.210
WARNING: Tomorrow is a massively important day for short holders. Firstly it is important to note that there is very big spread between December ($3.066) and current contracts. Furthermore, tomorrow invontory data is released. If you see December contracts gapping down tomorrow that is a very bearish sign and could indicate that there is a short opportunity...
Stop over daily trend line > 3.361$ Take profit near SSB H4 or KS D 3.084$