The uptrend of NGAS in the past week was a completely irrational move fueled by good news for oil. Other than that, inventories were slighly below forecasts and weather neutral. Furthemore, this rally is starting to experience exchaustion with huge spreads between bid and ask which leads to gaps--mostly to the downside. Thus, I believe that panic selling will follow; and as we know panic selling of NGAS is an amazing opportunity to short. I entered short at $3.5 and will hold till STOCH RSI bottoms, where I will try to long as I think NGAS has potential upside.
Commentaire
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12/5/2016 [9:00 BST] added to my short at resistance to decrease the average cost.
Commentaire
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The bullshit-o-meter is through the roof: added short [4:59 BST] at the bearish hammer on the 1H
Transaction en cours
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This is not the reversal we are looking for. 1. 4H STOCH RSI not topped 2. 15M lower BB not widening
=we will bounce back more likely and then reverse finally
@AustinChan, Better be so... I am down to 20% cash
UnknownUnicorn540299
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Difficult to say.Price action has been insane.It managed to take out its previous high in its first daily cycle. I wait for price to reach neutral line and observe action there before entering short.
But so far it has been outmost bullish. Can be a 5th wave up.
BigCharts
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@viking83, Going well for now. We have to see monday though. Need conformation, even though pivot is pretty serious.
UnknownUnicorn540299
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@AlexTrik,
This area indicated... It sliced through it with a 6 % candle. Well. It can be exhaustion candle. But I will look for a short it closes below preferably both those 2 lines. It might not break through and then it can be a possible place to enter long. There are so many unseen pivots below so rationally it should be a short, but price action gives me mixed signals :) Good weekend!