/NG (natural gas futures) will provide an objective long entry on a break above the intersecting downtrend line & 2.03ish resistance level on the 120-minute chart below.
NG 120m Aug 6th
For more active traders, I’ve also listed some “micro” targets/resistance levels on the 60-minute chart of /NG below although I will say that if we get a solid breakout above that downtrend line & R1 (1st resistance level) in nat gas, I favor a fairly impulsive move up to at least that 2.288ish target (a roughly 13% gain, if hit).
NG 60m Aug 6th
For ETF/ETN traders, UNG (natural gas ETP) will offer an objective long entry on a solid break above R1 (13.42ish) although best to use the /NG 60m & 120m charts to align entries & exits (price targets). Also, keep in mind that the weekly EIA Nat Gas Report comes out on Thursday at 10:30 am EST, often triggering sharp swings in nat gas prices.
UNG 60m Aug 6th