After the typical reaction off the initial tag of the 1.911ish price target, /NG (natural gas futures) pulled back to make a successful backtest of the primary uptrend line, also offering an objective add-on or re-entry for those that booked the quick profits at the 1.91ish target. If natural gas continues to rally following the trendline breakout & recent backtest and goes on to take out the previous (1.911 target) high, it will further confirm the near-term uptrend, opening the door for the next price targets. Initial 60-minute chart (posted the day after the entry was highlighted in the trades idea video) & update 60-minute charts below.
NG 60m March 28th
NG 60m April 5th
For those that prefer trading ETP’s over futures, this pullback to my former R1 (first resistance level), now S1 (support) following the hit & reversal off T1 offers an objective add-on or re-entry for those that booked profits at that first price target. Initial (March 28th) & updated 60-minute charts below.
UNG 60m March 28th
UNG 60m April 5th