I am sure many people Longed NG thinking 2.00 is a support. NG getting cheaper and cheaper. Sweating winter?
1.51 seems to be the current support level but lesson learned from crude oil trading negative.... weekly chart below:
THURSDAY | JUNE 13, 2024 After messing with four of the commodities for a couple of months, the charts have begun leading me to believe that it shouldn't be all that difficult to swing trade natural gas. But of course, looks can be deceiving. So, I plan to conduct a little study on the fuel until I get it right—or until I convince myself that I will never get it right. My present forecast model suggests the asset becomes a justifiable sell candidate above the bold diagonal line, so I'll be looking to short it in that region. If it opts to continue directly south, then I'll just have to wave goodbye until and unless it chooses to pull back to another resistance level somewhere down the road.
I suppose this would have to be categorized as more of an intraday trade rather than a swing style maneuver... The asset might offer more in terms of gains, but for the time being at least, typical price ranges and historical data, not to mention what appears to be more-or-less of a horizontal support level, suggest that this is a reasonable and rational area in which to lock in profit.
Nothing much has changed as of the end of last week. Natural gas remains bearish in my view, though a little less so than before. Accordingly, I will be looking to sell the fuel again should price opt to repeat its climb back up above the middle/bold trend line...
By gapping down at the open, natural gas is now very near the lower extreme of what I calculate as its typical price range. Consequently, I do not expect to see if continue south much beyond six hours or so before opting to pull back, if it chooses to continue south at all. Again, I will need to see a relatively substantive retreat before selling the asset again (or for it to at least remain neutral for several hours).