Week's top trades: Natural Gas
|Natural Gas (NG)
Natural Gas (NG) rebounded more than 2.5% Friday (on the December contract), refusing to slide last week back to the November low. With the rebound off the psychologically key 2.5 whole figure level tested early November, odds are elevated for a break of downtrend resistance (on the weekly chart) by month end. Any higher November high versus the October high would dramatically reinforce the major bottoming effort as can be seen easier on a monthly and 3 month chart on tradingview.com). Further upside could arrive as early as Thursday with the highly anticipated weekly storage figures. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. 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).
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