Hey guys,
As you know NG made a strong move up from its support levels which should be countered by a down move pretty soon.
Historically, it may even be forming this triangle we can see on the chart, allowing it for another move down near the 2,55 zone.
That being said, I think 3,324 can be a safe zone for shorting (with reasonable exposure of course) and we may even see 2,55 again before the end of this year (last year these levels came to play in December during winter so nothing is impossible.
Technically, looking at longer term ideas, 2,55 level acted as a support for so many times now, honestly I wouldn't be surprised if it broke down next time or time after that. Logically I'm not sure how could the industry support levels of prices sub 2,55 levels, but they use a lot of hedging near 3$ area so they could survive the crash for some time.
Anyway, these levels look ripe for opening shorts and waiting for a dip below 3$ towards our well established support line - let's wait and see.
As you know NG made a strong move up from its support levels which should be countered by a down move pretty soon.
Historically, it may even be forming this triangle we can see on the chart, allowing it for another move down near the 2,55 zone.
That being said, I think 3,324 can be a safe zone for shorting (with reasonable exposure of course) and we may even see 2,55 again before the end of this year (last year these levels came to play in December during winter so nothing is impossible.
Technically, looking at longer term ideas, 2,55 level acted as a support for so many times now, honestly I wouldn't be surprised if it broke down next time or time after that. Logically I'm not sure how could the industry support levels of prices sub 2,55 levels, but they use a lot of hedging near 3$ area so they could survive the crash for some time.
Anyway, these levels look ripe for opening shorts and waiting for a dip below 3$ towards our well established support line - let's wait and see.
