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NGAS

Natural Gas may be setting up for a longer term correctionWeekly ngas looks like it has transitioned into an uptrend. Its not clear if this is a major change in trend or a correction. As of now, the weekly chart from the Feb 16 low looks more like an impulse wave instead of a corrective wave. However, I'm still going to look at points of resistance as if its corrective and a retrace of the 2014-02-24 high to 2016-02-29 low. I've only started looking at ngas again recently and I believe the week of 2016-08-08 would have been ideal entry with: ADX above 20 and a convergence of +/-DMI as price pulled back TSI and RSI pulled back before weekly price continued up Now, the question is if weekly price will continue up or begin to hit resistance. The first area I'm watching is 3.460 so a pullback now could be a place to enter a short term long position. Another interesting aspect of the weekly chart is that the line (orange) put in by the -DMI of the Feb 16 low has been hit once and is now set to be broken by both the +DMI and the ADX. If this happens and holds, my interpretation will be that a major trend shift is in play and will need to set plan accordingly. Daily chart looks strong but may be pulling back. Things I'll be watching for this week is for +/-DMI to converge along with a pullback of price into the averages and a pullback of TSI and RSI into 50-60 range. 8H/4H charts watching to see if there is a repeat pattern of a pullback including price and indicators. If this pattern occurs, may be the place to buy dec NG call. 1H looks like pullback has begun and may carry through to 8H/4H charts.
FX:NGAS
by mxb1961
Covered Strangle on Natural Gas FuturesAfter 14 days of mostly bullish candles, we get the first sign that the bears wants some action and/or some bulls taking profits, breaking the 20 EMA and the hourly trendline. Looking to profit from the next move down, I will be shorting the Natural Gas Futures and Sell a Strangle ( 3.2 Call and 2.85 Put) to reduce my cost basis and improve my probabilities of profit to 64%. I can improve it even more by closing it early when we make a profit of $1,260 for one contract.
NYMEX:NG1!Short
by AlexanderGotay
2
NGAS: Weekly uptrend activeNGAS has pending upside yet to be tapped. Last week's advance gives us reason to buy dips against the 3.049 level, with stops at 2.898, or, we can use the daily chart to spot the turning point and buy dips (like I've been doing consistently for some time now). We can also buy a new high in the daily, risking simply a new daily low. The dashed line above marks the main resistance zone from the long term decline that started on 2014. If NGAS breaks the resistance, it could rally towards $3.81, and possibly even higher, reaching the $4-5 handle. Risk is very small on the long side right now, so don't miss out on the buy this week. Good luck, Ivan Labrie.
FX:NGASLong
by IvanLabrie
2
NGAS - potential cup & handle play on the daily chartI suggest the chart is self-explanatory. If the pattern turns out to be a cup indeed, there should be a pull back to form some shape of a handle (often times as a falling flag/triangle), then the price would sharply break out the resistance of the recent high at the cup’s edge level and would head Northbound (or more precisely – North-East). Obviously, the exact moves are my biggest speculation to-date, but they are all based on the prior action and the resulting logic of the chart. However, regardless of the exact moves, if, again, it’s truly a cup, the eventual target is measured and is typically equal the depth of the cup. Also, notice that should the price reach its target, another cup might shape out with the new target above NGAS’ previous all-time high. The last but not the least, please note that this is not a trading advice but an exclusively theoretical exercise with a prohibitive level of uncertainty. Should you decide to take any positions along these lines, it is imperative (solely for your own good) that your trades are based on your OWN analysis.
FX:NGAS
by VirtualFax
3
Short NGAS below $2.955 to $2.50, then LongIt appears that NGAS is in the perfect upward reversal pattern, except it hasn't broken the neckline and there is bearish div on the upper hourlies and daily. also, the waves and momentums have not broken into any new uptrends lately and it doesn't look like they will. That tells me that there is a pullback before NGAS goes well into the $3s (and likely further). Notes are on chart, and as I note there, this is a short unless the upward H&S pattern is confirmed with a break of around $2.955.
FX:NGASShort
by gLloW
Natural Gas Long OpportunityBull flag forming on NG1! daily chart. Price consolidated in that pattern between 2 weekly zones and when it finally broke, bull momentum slowed and profit taking occurred. I expect a retest on the upper channel before a charge to the 3.0 level. This is one of those text book flag-retest setup Opportunities to swing trade this commodity have been far and apart but a bull move seems to be what the market is signalling. How I shall trade this: 1. I will be placing a buy Limit at the 2.75 area with an initial target at 2.90 2. A slightly smaller aggressive entry above the high of the Monday close with at target at 3.00 Happy Trading!
NYMEX:NG1!Long
by FXBanker