NGAS could resume the uptrend here, and might be an interesting setup if we get a bottoming pattern in the daily chart. I took a small risk aggressive long on Friday, and will monitor it to reenter if stopped, if this trade remains valid. Upside is significant, close to $5, in the long run, but it might a while to base around here firs, which would be a great thing to observe take place within the next 3 weeks.
If for some reason we are to break support, we could see rapid fall to the low volume support level outlined in green. If we do test that, that'd be a low risk long opportunity, and also a do or die situation for bulls, so, don't hesitate on going long with a tight stop if that level is retested. In this timeframe on chart, I'd like to see the bar close above support, and form a smaller range bar, and eventually break a previous bar high, before rallying again. This can take the shape of a consolidation after a rapid spike in the daily, which would be great, since it would give us further low risk long opportunities.
Cheers,
Ivan Labrie.
코멘트
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Support isn't holding, I don't see a clear long entry here yet. I'm flat.
액티브 트레이드
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Bam the strongest support -green box- held! I'm long from near the low.
코멘트
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Bam, we 100% nailed this.
Holding with break even stop. I'll add on dips with a tight stop.
Thanks Ivan for the details, can you let me know ETF or stock to trade this?
IvanLabrie
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@keshavreddi, I usually trade it with CFDs. I wouldn't know which ETF is best, or which stocks can act as a good proxy. Perhaps long Russian stocks, like Gazprom?