Natural gas futures (/NG) have broken down below trendline support, signaling a likely end to the uptrend off the Feb 15th lows with a possible kickback rally to backtest the trendline from below coming soon. The breakdown in nat gas futures caused UGAZ to gap below the uptrend line that was highlighted in this trading room reply just over a week ago (second chart below). click on first chart to expand, then click anywhere on right of each chart to advance to the next expanded image or pinch-zoom on mobile
Technical analysis on some of the swing trading ideas that stand out at this time including both official & unofficial trades on Right Side Of The Chart. The following trade ideas are (roughly) covered in this order: SPY, SOXX, UGAZ, XENE, RKDA, TNDM, RDUS, AOBC, MJ & cannabis stocks (update, not a trade idea at this time), IEF, TLT, XLE, ENDP, OMI, PTX, M & OREX. playback speed can be increased in the settings to reduce the duration of the video
Another slow day in the market as it continues to consolidate after the sharp rally off the Feb 9th lows. This is perfectly normal & appears to be healthy consolidation which has worked off the near-term overbought conditions & could clear the way for the next advance in the broad market. Should my scenario of another thrust higher soon change, I will communicate my thought asap. I've mentioned a few times over the past week that the recent UGAZ (3x bullish natural gas ETN) trade idea barely had the stop clipped last Friday & that as with all official trade ideas, [...]
This video provides an update & the outlook for all active trade ideas on Right Side Of The Chart at this time as well as a couple of potential trade setups. Also discussed are some general trading strategies & considerations on aligning one's swing trading with the near-term outlook & trend of the broad market. The video duration can be reduced by increasing the playback speed in the video setting as well as skipping ahead to any particular trades which are covered in the following order: AOBC, OMI*, OREX*, CORN, ENDP, GE, IEF, JJG, SOXX, SPY, UGAZ**, XLE & XOP*** followed [...]
There's not a lot to add to my last update on the broad markets posted on Friday when the 2nd price target of the SPY Active Long Swing Trade was hit. So far the expected pullback off T2 has played out to my minimum expectation which was/is the former resistance, now support zone which T2 was set just below. Previous & updated 60-minute SPY charts below. Click on first chart, then anywhere on the right of each expanded chart to advance to the next full size image. While I'm leaning towards a little more downside, quite likely to the [...]
Updates on all Active Trade Ideas on RSOTC as well as a couple of the recently closed trades such as GDX. Playback speed can be increased in the settings to reduce the duration of the video. The following stocks/ETFs/ETNs are covered in this order: XLE, UGAZ, SPY, SOXX, JJG, DBA (unofficial long), IEF, GE, ENDP, CORN, AOBC, OSTK (closed) & GDX (closed).
The following notes & chart outline the buy trigger, price targets, suggested stop & beta-adjusted position size for a swing trade in UGAZ (3x bullish natural gas ETN). Gold & Silver level access required.