Loading ...UGAZ BELOW TREND LINE…
http://www.tradingchannels.co.uk/
I, as Tim, make reference to the above charts to assist in my trading decisions. Tradingchannels is ST bearish on NG.
http://stockcharts.com/h-sc/ui?s=UGAZ&p=60&yr=0&mn=1&dy=0&id=p50152355413&a=409821751&listNum=1
You’re right about the volatility in NG. The thing is, it’s both bullish and bearish everyday so it’s really a day trading thing and not a weekly cycle like crude is, or was. But I think it’s been like that for some months now. I keep moving my bottom trend line each day as NG keeps breaking down through it. The only thing that does seem to be solid are the resistance levels. NG quite often rolls over at the next higher resistance level. The bottoms are still a mystery to me.
It’s nothing like crude. Yesterday I did a quick UWTI trade when WTI hit the bottom of the wedge because it’s always reversed there. An hour later, 3:40pm, sold off at a 4% profit. I’ve been tempted every day to do the same with NG but I hesitate and sure enough, it drops below what looked to be the “bottom”. Maybe NG is in a state where one has to go primarily on the indicators because there aren’t any established trend lines to act as buy triggers.
Shortstack’s descending trend line looks to be the ceiling to crude now. By mid-next week the bottom and top of the wedge will converge, so something’s got to break before then. Interestingly, I hear just as many technical analysts calling for a drop to 54 as I hear calling for a jump to 68.
Forgive me for complicating your life with NG…WTIC is complicated enough 🙂