Sunday, June 19, 2011

Natural Gas Finishing it's Pullback? *Request* 6:24 PM CST 6/19

(Chart 1 - Daily Natural Gas Zoom)
(Chart 2 - Daily Natural Gas)

Natural Gas is in a clear, well defined uptrend (blue up channel)
42.4 is the shallow fib of the recent range.
It is also the low of that channel.

I am long because I was early to the party. I was also short a lot of oil and used the early entry as a bit of a hedge.
I will probably add on the open if it stays like this and can develop a short time frame hammer or 2.

I would look for it to go to 4.8 at least and possibly into 5-5.5 if it gets a head of steam