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TFC Commodity Trading Forum

Re: Ng ??Lee *PIC*
In Response To: Re: Ng ??Lee & Ronbo/Trades ()

I'm not interesting in Nat Gas itself. Here is a chart of an ETF:FCG that is a collection of 30 Nat Gas stocks. They pre-sell NG and related services etc at higher prices. Price topped out in July and has been in a downtrend ever since. Price broke two support levels and recently hit new selloff lows and has rebounded to the last breakdown point which is now resistance at 17.45.

Today price has broken over that downtrendline and more importantly above price resistance of 17.45 with a gap and is looking good for a buy now. Next resistance is the 1st breakdown pt at 20.18. Note today's low with the gap is above resistance as well. Nice looking breakout .....so far...... All the moving averages are still bearish and the RSI 21 has still not crossed above the 50 line but price is king and even if this stays a bear and only has a bounce to next resistance of 20.18 that is still a nice trade. Meanwhile the line in the sand is definitely 17.45 regardless. Despite the stock market very overbought and at resistance this chart is bullish with today's breakout. Might want to see price hold up and remain above resistance to prove itself Monday/Tuesday. It it is infact a trend change back up there is lots of time to get on-board. But my point in posting this does suggest that NG just may be turning a corner regardless of its present downtrend. Stocks tend to lead the commodity they track historically. Just like Copper stocks lead Copper, etc.