Loading ...NG Update…
OK, I did not take a position in KOLD today…
Because the 2 hour stoch did NOT leave the 80 zone on BOIL…
The EOD action on NG daily has met resistance…
Note the ND on the CCI, and the ratio chart trend line needs to breach to the upside for the BULLS…
This line has been intact since the summer; one would think with winter around the corner this would be BULLISH?
Just following the charts, and nothing but the charts 🙂
Thanks. Cant say i know what it’ll do tomorrow. Its been a fairly powerful breakout & closed near highs again today. I suspect the the pink line will be backtested at some point, but it may go higher first. Of course the gap is another issue but it could complete the whole higher(3.30/3.60/etc) before that gets filled. This is why I didnt worry about the huge gap Monday. You’ll never get the absolute low/high, just use the pink line as your stop loss and let NG pay you in the meantime. Good luck 🙂
Also, if you glance at a weekly chart (I posted one a few posts down on the homepage), you can see this is clearly a breakout in the long term chart. Using the daily chart alone can be tricky in my opinion. But the weekly shows that price blasted upwards out of some sort of triangle/wedge consolidation, and now for several weeks we could see an upward trend, IMO. So when it comes to a few pennies volatility here & there, I think it’s a strong dip-buying situation unless there’s a major game changing event.
Thanks Nick…