Hi!
I think natural gas is going to make a good move in the nearest time.
As we can see gas was in the range for some time with the following support line breakthrough. However, the breakthrough was made on a low volume and it was a fake move. Just in couple of days was another breakthrough. Gas has made an opportunity to break the resistance line on a high volume. So, now we see our etf at previous support line.
Thus, a pullback has already happened and there are good chances that we'll see a new bullish wave. In this case I would recommend to open a long positiong at 21.81 with targets at 23.85 and 26.4 (basically, I don't set my profit targets when I open a new position. I look at volume and price action to make a decision concesrning when I shoud close the position). However, if the price will go below it's support line we can just close our long position or we can immediately reverse our current position and open a short. It can be a pretty good bearish wave then.
I think natural gas is going to make a good move in the nearest time.
As we can see gas was in the range for some time with the following support line breakthrough. However, the breakthrough was made on a low volume and it was a fake move. Just in couple of days was another breakthrough. Gas has made an opportunity to break the resistance line on a high volume. So, now we see our etf at previous support line.
Thus, a pullback has already happened and there are good chances that we'll see a new bullish wave. In this case I would recommend to open a long positiong at 21.81 with targets at 23.85 and 26.4 (basically, I don't set my profit targets when I open a new position. I look at volume and price action to make a decision concesrning when I shoud close the position). However, if the price will go below it's support line we can just close our long position or we can immediately reverse our current position and open a short. It can be a pretty good bearish wave then.