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Natural Gas (NG) Rejected @ 50% Fib Retrace of Nov-Dec Slide

By:

CFA, Founder Tradable Patterns

Natural Gas (NG) Rejected @ 50% Fib Retrace of Nov-Dec Slide

Natural Gas (NG) is seeing a 2nd straight day of healthy consolidation today after Monday’s strong surge.  Significantly, although NG remains comfortably above the weekly chart descending wedge resistance and the daily chart downchannel resistance, odds are moderate for a break below the 4hr upchannel support ahead of or in the day or so following this Thursday’s highly anticipated weekly storage data.  Nevertheless, any deeper consolidation by late week back to below Monday’s low appears less likely than a retest in the same timeframe of the 50% Fib retracement of the November to December slide.  Congratulations to Premium Members who profited from the opportunities highlighted April 1st, April 17th and reiterated Aug 3rd before the day’s historic gains.  The weekly and daily RSI and Stochastics are bottomish, rallying or consolidating recent gains.  I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of Silver, Nasdaq100

Sample of Content (below) Available to Free Subscribers (published Sep 1, 2020)

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