Been watching gas closely, personally, I am bullish, but the four hour chart looks like a bear flag is in the making. Hard to tell really... I will see if the range holds before starting any new positions
I want a to see a spike before shorting
Red lines are my entries and stop loss areas for shorts/longs
Blue lines down show possible channel forming down
Brown dotted line up shows possible bullish trend line forming
SPX on thin ice, all eyes on oil and China not much else we can do, I am hoping for one last pop to 205 before everything sinks, but we might just get to 202 : /
I am watching my gray trend line closely, expecting a temporary pull back to 2.06 at least. The shaded area's double as my sell/buy points, so anything outside will be traded accordingly. I have another chart on my page that explains my longer term view on natty gas, but for now I am a bit bearish.
I'm trying a new strategy this year... Waiting for the RSI to hit the lower numbers before buying... I am almost 69% positive the market is going into bear territory, but I could be completely wrong and we could just be consolidating horizontally? I had to return my crystal ball last year, so I am just sticking to the charts this year.
The commodity crash we are seeing today is pretty scary... In regards to Natural gas, next support level is in the low 1's, so I am hoping the recent low holds
