After hitting & reversing off the bottom my final downside (short) target zone yesterday shortly before the stock market opened, /NG (natural gas futures) reversed from there, rallied & hit my first target of 2.559 for a quick 3.6% gain earlier today, followed by the expected reation/pullback off that level. As such, this offers an objective re-entry for anyone that booked the quick profits at T1 & plan to recycle back into a long position for the next thrust up to the 2.610-2.631 second target zone.
NG 60m Sept 25th
NG 60m Sept 26th
These long-side bounce targets were laid out as an unofficial trade in the updated 60-minute chart (first above) posted in yesterday’s /NG Natural Gas Futures Price Target Hit post as well as in the comment section below the subsequent DGAZ Final Price Target Hit… post: “…Min. target just below the 2.599 R &T2 just below the 2.610 R level…” Comparable targets for UGAZ (3x long nat gas ETN) shown below although this chart does not reflect pre-market trades with UGAZ already reversing a hair shy of that 19.73ish resistance/first target earlier today when /NG hit the 2.599 target.
UGAZ 60m Sept 26th