/NG (natural gas futures) has hit the 3.40ish price target with the odds for a reaction elevated at this time & the next buy signal to come on a solid break above it, ideally after a pullback or consolidation first. While I’m still targeting the 5.00 level for /NG, this is a fairly significant resistance level where we’re likely to get at least a minor pullback or consolidation although natural gas did manage to take out those potential (unconfirmed) divergences that were forming, but not yet finalized, on the 60-minute charts yesterday.
The first chart below is the 120-minute chart as I need to zoom out further in time to show the previous reactions that make up this resistance level/price target, followed by the updated 60-minute charts I’ve been posting recently. My thoughts on how to I’m managing this trade can be viewed in this reply I made under yesterday’s comment section. While I held the position yesterday, as per those comments, I have just booked profits on the bulk of my /NG positions here & will look to add-back those shares on a pullback, whether it comes from this level or above (e.g.- maybe /NG continues to run & solidly takes out the 3.40 resistance but then pulls back to that level, which would be support at the time).
NG 120m Nov 21st
NG 60m Nov 21st
Likewise, UNG (natural gas ETN) next price target zone hit in the pre-market session (pre-mkt trades in white) with the unconfirmed divergences now taken out. Consider booking partial or full profits and/or raising stops if holding out for any of the higher targets, depending on your trading plan. 60-minute chart below.
UNG 60m Nov 21st