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TFC Commodity Trading Forum

Re: Jan Nat Gas/Ronbo *PIC*
In Response To: Re: Jan Nat Gas/Ronbo/Trades ()

I'm doing ok. Not much of anything either and am bored out of my mind as well. Should buy a Harley and find a hot chick with blue hair on the street corner and go for a long ride just for the hell of it. That would perk thing up some. As far as the chart goes it is doing what bears do for months now which is following its downtrendline and bumping up against its 20ema and rolling back down again each time like clockwork. The short and tight channel it formed between 3.46 and 3.61 with the RSI 21 tagging the very oversold zone at 30 was a good place to get long on a countertrend trade. Especially with seasonals kicking in here well into Dec. But price today poked its nose above the 20ema and rolled over again just like it has been doing over and over again going back for many months now. Very consistent pattern there. With today's pullback the only hope now is for price to reverse back up and clear today's high. That would suggest a run to the downtrendline at 3.80 and perhaps 3.87 price resistance for starters. Who knows after that if it can accomplish this. Could spook some shorts to cover if it got that far and may even run up to 4.25 resistance. That would not be much of a retracement so is very possible even on a bounce. If it's going to do it now is the time. But if this recent low of 3.46 breaks down the bear trend will continue down to new contract lows and stay right on track like it has for many months now. The next move is critical to confirm or challenge this trend.