Natural Gas - Finally Turning Bullish?
Here's a market that's being literally destroying traders who have been trying to pick a bottom in natural gas. Back in May, I thought this market put in a bottom especially since the rest of the energy complex was showing strength and moving higher. As we all know that forecast was completely wrong as natural gas continued to make new lows in July.
Right now we have an interesting formation taking place in the natural gas market. In the above chart there is a 1-2-3 bottom which was confirmed today with point 2 being taking out. For those of you who have been waiting for some kind of bullish technical reason to get back into this market, here it is!
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5 comments:
can u give us an update on nat gas?
Hi Michael,
Obviously it looks like the breakout above point 2 was false. My stop is right below the gap. I'll try to post an update on nat gas either tonight or tomorrow. This market is not a friend to the bulls.
kevin:
i am even suspect of FXB (pound) breakout as well..It seems it will fail..as USD bottoms and equity market drops..
please don't buy UNG
Too late, the damage has been done. We'll see what happens. :-)
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