Natural Gas (NG) Weekly MACD Trying to Positively Cross

Natural Gas (NG) Weekly MACD Trying to Positively Cross

Articles From: Tradable Patterns
Website: Tradable Patterns

By:

CFA, Founder

Tradable Patterns

Natural Gas (NG) Weekly MACD Trying to Positively Cross

Natural Gas (NG) continues consolidating after the strong profittaking from the psychologically key 3 whole figure level briefly reached Friday.  Although NG has unwound most of last week’s gains, it has made progress in its major bottoming near downchannel support (on the weekly chart).  NG appears less likely by mid March to retest the 2023 low (formed in February), as it does to retest last week’s high.  Monitor as usual the escalation in the Ukraine-Russia conflict.  Key for bulls will be NG’s ability to form a higher March low versus the February low, reinforcing the already higher March high versus February high.  Congratulations to Premium Members who benefited from the opportunities highlighted Jan 19, 2022, Jan 27, 2021 and April 14, 2021.  The weekly RSI, Stochastics and MACD are bottomish, but weighed by the tiring daily Stochastics.  I am looking to enter long in the green 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).  Click here for analysis on WTI CRUDE, S&P500

Source: Interactive Brokers TWS

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