Booking profits on /NG natural gas futures here as it approaches my 2.711 price target while overbought, sharping increasing the odds for a reaction/pullback soon. As the odds for a reaction are elevated at this time, consider booking partial or full profits and/or raising your stops if you plan to continue riding the upside momentum holding out for additional gains.
NG 60m Oct 29th
I’ve also slightly lowered the next target on UGAZ to around 17 to better align with my resistance/price target on /NG, with UGAZ essentially just kissing that level where the odds for a reaction are elevated. I’ve also slightly adjusted the support levels (former targets) below which may act as support on any pullback soon.
UGAZ 60m Oct 29th