Comments on: /NG Natural Gas Futures First Bounce Target Hit

By: Shaul

Shaul — Wed, 02 Oct 2019 18:27:43 +0000

@rsotc What are your thoughts on UGAZ here?

By: Harold14

Harold14 — Mon, 30 Sep 2019 14:53:01 +0000

Randy,

What are your thoughts on UGAZ here?

Thank you

By: Jfalck

Jfalck — Fri, 27 Sep 2019 09:59:07 +0000

@rsotc, I submitted this question twice since I couldn’t edit my previous one.

UGAZ Question:
On the hourly UGAZ chart does it look like a head and shoulders pattern with a bear pennant forming? I’m just curious if you feel there is more downside to come before the next leg up?

Thanks
John

By: Jfalck

Jfalck — Thu, 26 Sep 2019 23:58:19 +0000

Randy,

On the hourly UGAZ chart does it look like a head and shoulders pattern with a bear pennant forming? I’m just curious if you feel there is more downside to come before the next leg up?

Thanks

By: Lacro33e

Lacro33e — Thu, 26 Sep 2019 14:46:37 +0000

In reply to rsotc. Great piece of information to have included in the initial trade idea.

By: rsotc

rsotc — Thu, 26 Sep 2019 14:41:58 +0000

The 10 am weekly inventory report had other plans (besides T2) for /NG although the bullish divergence, which unconfirmed, are still well-intact. We also have what might prove to be a price channel forming in which to trade off the top & bottom (i.e.- another long entry here with a relatively tight stop below). Certainly an aggressive, lower-probability trade but with a decent R/R with a tight stop. https://www.screencast.com/t/TwEsHUURaa0

By: rsotc

rsotc — Thu, 26 Sep 2019 14:36:03 +0000

In reply to rsotc. The inventory report took /NG the other way. The potential bullish divergences are still very much intact so I'll be watching /NG for the next objective long entry but this trade was stopped out after the report went the wrong way.

By: rsotc

rsotc — Thu, 26 Sep 2019 13:24:33 +0000

Keep in mind that the weekly natural gas inventory report will be released at 10am EST today which almost always causes an initial rip or dip nat gas prices. Charts indicate more upside coming but keep in mind that sometimes the initial reaction is not the lasting reaction.