In yesterday’s update, I stated my preference to book profits on /NG or UNG at the next price targets that were hit, stating that a pullback was likely. That allowed us to side-step the 7% pullback and/or profit from shorting it. This pullback to the uptrend line now offers an objective level to re-entry an /NG or UNG long closed out at their respective price targets yesterday and/or cover a pullback-off-resistance short trade from yesterday. Previous /NG 120-min (Dec contract) & updated (Jan contract as well as the previous & updated 60-minute charts of UNG below.
NG 120m Nov 21st
NG 60m Nov 22nd
UNG 60m Nov 21st
UNG 60m Nov 22nd
As per my follow-up to that post in the comment section below it, I used that reversal at yesterday’s price targets to roll from the December to the January /NG contract & will be posting those charts (including the chart above) going forward (hence, the difference in price levels from the previous December contract charts I was recently posting).