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Anyonre interested in NG? need some feedback please.
Looks to me like we could be building out an inverse HnS, I am not saying this is going to take us into a new bull market but it looks compelling that we could at least build this out, does it continue after a neck line visit? Technically it should but starnge times we live in.
If you recall back at the start of January I predicted we would get a gap close at $2.05, lucky call. I know this is an ugly formation but since I bought UGAZ at the gap close I am liking it. LOL A 6% move up in NG puts us around the $2.44 mark which puts us at resistance at the start of the left side of the neck line where we bounced on the way down at the start of October, registering about $2.65 in UGAZ where we took our first breath after the rise at the end of December, the 6% move up in NG would inversely take DGAZ down to roughly $9.50 near its 200 ma and another gap to fill, could potentially be a good place for a bounce.
I personally don’t think we are ready for these HnS formations to play out once they are set up, I think they are huge head fakes but they do look like they will have enough energy to complete. The RSI and Stochs on NG look like there is adequate room and energy left to continue up to the neck line where the 200 ma is sitting, same with UGAZ on the daily, and also DGAZ but in the inverse.
Do we get the set up and a break of the neck line to the upside on NG? only to turn traders bullish and then an event, events that catches us all going the wrong way? I am thinking so, be cautious. Stops will tighten up considerably when and if neck line is approached, thinking of jumping to DGAZ if it gets to the 200 ma, might be good time to play the support, charts will hopefully tell.
looks like a legit inverse head and shoulder’s…I would leave all your opinions “at the door” so to speak and JUST focus on the chart
Thank you. Point taken, opinions are just that. I have seen other members elaborate on their analysis and was doing the same.