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My success with natural gas trades is so poor that I’ve pretty much sworn off the stuff. In spite of it, I’d like to quietly point out (although not actually do anything about it) that the breakout, followed by retracement, of UNG looks like an awfully good bullish setup.
I was talking about the cluster of support levels in the 1768-80 SPX area yesterday morning and the low was at 1773. That has tested the weekly 20 and 50 MAs, and is a second retest of broken wedge resistance. There is a little play left in this support area but if we aren’t to see a much larger correction develop then this is the likely reversal area. SPX weekly chart: (more…)
I was talking about the cluster of support levels in the 1768-80 SPX area yesterday morning and the low was at 1773. That has tested the weekly 20 and 50 MAs, and is a second retest of broken wedge resistance. There is a little play left in this support area but if we aren’t to see a much larger correction develop then this is the likely reversal area. SPX weekly chart:
It may be that the short term low is now in, though I would say that my target at the possible rising channel trendline from 1646 has not yet been hit. if we were to now see a test of yesterday’s low that would open up a possible hit of that trendline and would deliver positive divergence on the 60min RSI. That may not happen but it would be a tidier low. SPX daily chart: (more…)
The first thing to say this morning that despite the very impressive showing from the bears on Friday, neither of the double-top targets on SPX or ES has been reached yet, and I can’t see any reason at all to think that they won’t be reached in the next two or three days. (more…)
