Natty accumulation - drop, then rock n roll
$ung $ugaz $dgaz $boil $gaz $unl $kold Make no mistake- ol natty will be quite bullish but watch for another big flush drop into this descending formation - very likely another drop before the bull can break out. Short term could be bearish.. wait patiently I may consider some UNG puts until we can break out of this.
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I've learned to trust the stoch/rsi trend- it's changed my trading game by untold amounts.. red circle I would think HMMMM SHORT.. green circle HMMMM LONG..
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similar bottoming pattern in 2016- descending broadening formation- bullish stoch/rsi divergence... I still suspect another down move but the rule would be to buy the breakout.. Looking forward either way.
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broke above... fake out or did Jack just get out of his box?
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the bull is out- I suspect a pull back before launch
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I just added some longer puts on UNG. I remain bullish but with full expectation of pullback in the near term.
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I'm still eyeing support below and considering where my long entry's will be. The stoch/rsi should be a clue as well:
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slowly adding to my long long term position here. It's possible it falls back through pattern- I might set up a slight hedge here to cushion any drop. It could weeks or months to accumulate/build before the larger rally. I'm still thinking that 2020 and we'll see much higher prices