NG at a Crossroads 8/18/2020
NG at the daily view.
NG finally played out its measured move from the inverse head and shoulders pattern during the summer and the bull flag from a few trading days ago.
The original measured move was 2.48. NG made it to 2.465. Close enough. It's too bad that that I exited my long positions out of risk management. It's Natty after all.
Right now, the NG is between two trend lines. Furthermore, NG is above major moving averages including the 200, 300, and 400 DMAs. Currently, the 50 MA is about to cross the 200 MA. All these signs are bullish.
What's the bear case? September is coming. Usually, there is a pullback in early September due to cooler weather.
Courses of action? If NG pulls back during September, that would be a good time to start scaling in longs for the fall/winter ramp up. If that pullback happens, then 1.98 may be the lowest projected price. However, 2.24 and 2.08 are also supports to consider. Personally, I'm doing a bigger buy order at 1.98
The key resistance right now is about 2.49. If the NG breaks above 2.49 or that upper blue line, then there's not much stopping it go head to 2.70ish.
NG finally played out its measured move from the inverse head and shoulders pattern during the summer and the bull flag from a few trading days ago.
The original measured move was 2.48. NG made it to 2.465. Close enough. It's too bad that that I exited my long positions out of risk management. It's Natty after all.
Right now, the NG is between two trend lines. Furthermore, NG is above major moving averages including the 200, 300, and 400 DMAs. Currently, the 50 MA is about to cross the 200 MA. All these signs are bullish.
What's the bear case? September is coming. Usually, there is a pullback in early September due to cooler weather.
Courses of action? If NG pulls back during September, that would be a good time to start scaling in longs for the fall/winter ramp up. If that pullback happens, then 1.98 may be the lowest projected price. However, 2.24 and 2.08 are also supports to consider. Personally, I'm doing a bigger buy order at 1.98
The key resistance right now is about 2.49. If the NG breaks above 2.49 or that upper blue line, then there's not much stopping it go head to 2.70ish.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.