Comments on: Stock Market, Gold & Commodities Analysis 10-15-18

By: Dean Drummond

Dean Drummond — Wed, 17 Oct 2018 22:36:37 +0000

In reply to sheldon84. Just clearing out my notifications & saw that I missed this question of yours from Monday evening. At the time, I would have answered "Yes", /NG did have the appearance of a potential H&S topping pattern on that 60-min chart but as of now, prices have drifted higher to ruin the symmetry of the pattern (foiled right shoulder) so we'll just have to keep an eye on this one for now & wait for the next objective setup.

By: sheldon84

sheldon84 — Mon, 15 Oct 2018 22:59:25 +0000

In reply to Dean Drummond. Thank you. combing thru a few charts. specific to this one, it does appear if it breaks through the 3.10 level, could that complete the right shoulder opening the potential to move to your lower target?

By: Dean Drummond

Dean Drummond — Mon, 15 Oct 2018 19:31:26 +0000

I prefer to use the charts of /NG even if trading the natural gas ETNs, as UNG tracks nat gas prices pretty poorly over time. Yes, I do think a short on nat gas here is objective as I had /NG sitting just below the 2.53 resistance level on what appears to be a snapback rally on the correction that started after the recent divergent high on this 60-min chart. I shorted /NG right around current levels earlier today with a target of 3.116 (just above the 3.108 support) and a stop at 3.274.

By: sheldon84

sheldon84 — Mon, 15 Oct 2018 17:12:23 +0000

Randy-
Good update. Quick flash of UNG chart at the 35 minute mark. Sitting around 27 with trend line support appx 23.50 as well as oscillator crossing. Decent short here?