Comments on: /NG UNG Nat Gas Swing Trade Update 12-21-23

By: MagStew17

MagStew17 — Fri, 22 Dec 2023 16:54:34 +0000

What do you think of NAUT chart? I’m a long term investor in this one. A lot of big name investors are too, according to their 13f filings.

By: Alan

Alan — Fri, 22 Dec 2023 15:42:47 +0000

@ROTC, thoughts on LIT and URA? LIT look like it is going to breakout nicely above a down trend line going back to August.

By: MagStew17

MagStew17 — Fri, 22 Dec 2023 15:17:14 +0000

Wow, this market just will not go down!

By: rsotc

rsotc — Fri, 22 Dec 2023 14:48:54 +0000

Note the adjusted resistance levels/price targets for the /NG Feb contract vs the previous posted Jan contract. Breakout level/next buy signal for Feb contract is 2.50ish on the Feb’s. I had already rolled to the Feb’s but didn’t realize I still had the chart of the Jan’s up. These adjusted targets align with the reactions on the targets posted yesterday but have slightly different price levels since they are the next month contract.

By: rsotc

rsotc — Thu, 21 Dec 2023 20:18:31 +0000

To expand on what I said above about the potential for the divergences to foil a breakout, my logic is simple: The recent price action off the divergent low appears more constructive than previous rallies.

As such, I think there is a good chance nat gas will break out above those recent highs/resistance, and run. However, a false/failed breakout, especially if the negative divergences (60m) are still intact, could trigger another leg down in nat gas, possibly a new low.

Therefore, I would take the breakout on faith as a breakout is a breakout until & unless it fails. A stop somewhat (but not too close) below /NG 2.60 or UNG 5.00 would be prudent & help mitigate any losses or profit giveback.