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Natural Gas (NG) Sharply Reverses From 2014 High

Natural Gas (NG) Sharply Reverses From 2014 High

Posted October 13, 2021
Darren Chu
Tradable Patterns

Natural Gas (NG) Sharply Reverses From 2014 High

Natural Gas (NG) is looking wobbly in today’s Asia morning despite yesterday’s intraday reversal from its fresh October low.  Significantly, although NG is bumping up against descending wedge resistance (on the 4hr chart) and has decent odds of seeing short covering ahead of Thursday’s highly anticipated weekly storage data, NG is likely by early next week, to close on a daily basis below uptrend support (on the daily chart).  Rejection at the 2014 high (at the upper end of the long upper shadows of the last 2 weekly candles), together with the lengthening of the current red weekly candle’s body, suggest a high probability for a retest of September’s low in October.  Congratulations to Premium Members who benefited from the opportunities highlighted Jan 27th and April 14th.  The weekly and daily RSI, Stochastics and MACD are tiring or steadily sloping down.  I am looking to go short in the red zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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