Loading ...DGAZ Update
Well I’m not going to try to sugar coat this one…it most certainly moved against me today. However, I’m staying in the trade for now because I still like the structure….3 drives in a broadening context with strongly diverging A/D. We’ve seen DGAZ do this many times before as in the example below. With this said, if this doesn’t bounce soon I’m taking my lumps and getting out.
Edit: shortstack – see chart below….agreed
Mark I am looking at SCO short oil. Any thought.
http://charts.dacharts.net/2016-06-28/d2242.png
weekly natural gas futures … there is horizontal resistance just above.. lies between 2.93 and 2.94 area.. dont know if it holds or not (or if it falls short).
agreed, massive supply and resistance at current levels today.
http://stockcharts.com/h-sc/ui?s=%24NATGAS&p=D&yr=2&mn=0&dy=0&id=p72514163165&a=465224928
August natural gas closed $0.15 higher (+5.5%) at $2.89/MMBtu
Natural gas surges as reports surface about an explosion at a natural gas plant in Mississippi
EIA natural gas inventory data is scheduled to be released Thursday at 10:30 am ET.
your new natural gas index nails the horizontal resistance… one note.. its so far blown through every resistance level with ease; i cant rule out a visit to 3.18 area which would be the downtrend line shown on the weekly.. its followed the slope very well in the past..but nothing is for certain… that 2.94 area should be heavy resistance; but ng is a funny animal that sometimes like to do a blow off top… dont know if it does it this time.