Monday, May 23, 2011

Natural Gas (NG) Daily 5/23 11:10 AM CST

It looks like Natural Gas has confirmed the engulfing pattern seen on Friday (5/20). I love this setup when we just break support (@ 4.15) one day and the next engulf back up through it. Both Thursday and Friday were relatively high volume days too just to confirm this was no market BS. You can also see the positive divergence shown from the two low points with the MACD, usually a good indication of a continuing trend. I would look for this to eventually make a new high, and will be looking to enter if there is any pullback today or tomorrow.

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