Week´s top three trades: Natural Gas
|Natural Gas (NG) surged 3% plus Friday to complete a week of massive gains (on the January contract). Odds are now elevated for a test of the psychologically key 4 whole figure level by early January. Interestingly, on a monthly and 3 month continuous chart on tradingview.com, NG just formed a 2024 high Friday, breaking above the October 2023 high. Nevertheless, with NG nearing what could be uptrend resistance (on the 4hr chart), healthy profittaking can be expected early week. Renewed strength could arrive as early as Friday with the highly anticipated weekly storage figures deferred as a result of Xmas. The weekly RSI, Stochastics and MACD are bottomish, but weighed by the tiring from overbought level daily Stochastics. I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter). Have a wonderful Xmas holiday season ahead!
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