Following yesterday’s breakout above the 2.326 resistance level, /NG (natural gas futures) offers another objective long entry on this pullback to backtest both the intersecting minor uptrend & downtrend lines with a stop somewhat below, targeting the 2.46 resistance + downtrend line. 60-minute chart below.
NG 60m Dec 17th
For those that prefer trading ETF/ETN’s over futures, UGAZ is trading a hair below uptrend line support in the pre-market session although more importantly, /NG is trading at dual trendline support, thereby offering an objective long entry here and/or on a solid break above 9.21. Unofficial trades for now but figured these charts are worth passing along for those interested as the R/R seems favorable as long as stops are kept relatively tight (relative to one’s price target(s)).
UGAZ 60m Dec 17th