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NATGAS, WEAT
Here two simple updates.
NATGAS BO (breakout) the BLUE Bull Flag with a GAP. Friday it gained 7% while 14% on the week. Natgas looks bullish to me.
https://goldtadise.com/?p=577485
WEAT on the other hand declined. Possibly WEAT is still bottoming and possibly last Friday made a DB (double bottom).
Last LOW @ 6.66 (I’m not kidding) needs to hold for WEAT-BULLS.
https://goldtadise.com/?p=578062
IMO.DYODD.
“Natgas looks bullish to me.”
I will dissent, again.
Natty is in a monthly downtrend.
Natty is in a weekly downtrend.
I’m not interested in counter trend plays.
Daily charts are tunnel vision.
You said this chart was for you?
Those charts represent what HAS happened in the past. They are providing clues to what is likely to happen in the future. I chose NAT GAS as the commodity(only offered limited choices) that would have the greatest percentage gain for the calendar year in Barron’s annual contest. Even though it is currently down significantly since Jan. 1, I stll expect it to be up considerably by Dec.31. Before then, it should see $5 based on the charts.
Thanks for the update, Nightingale. Been watching and waiting. Still waiting for UNG to respond…
It’s shocking that Nat Gas and Wheat could drop this low while the war rages in Ukraine
Shows you it’s a BIG world out there and trading on Fundamentals will make you poor.
It’s all in the charts
It’s all in the charts
Exactly. It starts in the smaller time frames. Just like this DAILY show a Technical BO. And a BO is what it is (even above dMA(50)) until it is not.
I’m saying its VITAL to specify timeframes. Not everyone trades the same way. “Bullish” — in what context? as a scalper, swing trader or investor?
I’m also saying this overall move is the very definition of a falling knife, with all that this expression implies.
“Its all in the charts”.
It can be, depending on how one reads them.
I see two LARGE gaps in the daily for UNG of ~10% each. Then almost immediate selloffs. The second one made a new low, so it FAILED to make a higher low. IMO, telling. Overlapping moves overall. Not one higher low yet followed by a higher high. NOT impulsive. A further short term move up to $8 would not surprise me. But my read is that 6.27 gives way in the not too distant future. I’m a buyer at some point. But I’m waiting for that falling knife to make a sound.
Well said, Sir Pedro
WEAT looks more interesting.
Armstrong has it on an imminent reversal.
Anyone waiting for the sound of a falling knife must be deaf. The sound was when it fell from $6 to $2.50. Yes, it has continued to drift lower and is in the Process of forming a bottom. Where is it going to fall from here? It isn’t going to minus $40 like oil did. You only get one fluke negative manipulation like that. Not trading this yet but $2 was the bottom.