NGAS has pending upside yet to be tapped. Last week's advance gives us reason to buy dips against the 3.049 level, with stops at 2.898, or, we can use the daily chart to spot the turning point and buy dips (like I've been doing consistently for some time now). We can also buy a new high in the daily, risking simply a new daily low.
The dashed line above marks the main resistance zone from the long term decline that started on 2014. If NGAS breaks the resistance, it could rally towards $3.81, and possibly even higher, reaching the $4-5 handle. Risk is very small on the long side right now, so don't miss out on the buy this week.
Hi, thanks. The main trend is up, so while lower timeframes might go into a short term downtrend, this is a buying opportunity if you want to join the bigger picture trend.
thanks for sharing :)
is there any risk to be short in few days because "irak may increase output in 2017" (see reuters.com/article/us-iraq-energy-oil-gas-idUSKCN129061) ? and having new correction next week ?
have safe trade :)