I had meant to include an update on natural gas in today’s Charts I’m Watching post. /NG (nat gas futures) has pulled back to the 2.388 support level which was highlighted on Friday (first chart below), thereby offering another objective long entry or add-on if it regains the 2.390 level soon with the appropriate stops in place below, depending on one’s average cost/entry prices.
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Likewise, a pop above Friday’s high of 19.06 will have clearly put the 18.50 resistance level in the rear-view mirror, paving the way for the next thrust up to the 22 level in UGAZ (3x long nat gas ETN).