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TFC Commodity Trading Forum

Re: NGZ12 Nat Gas ??/Lee *PIC*
In Response To: NGZ12 Nat Gas ??/Trades ()

Well here is Dec Nat Gas. The open interest in Dec NG has never been good overall for whatever reason. January has 267.9 open interest and Dec has 169.9 open interest. And that will change in favour of Jan as we move along as well. So check out both contracts before trading them as there will be a bias towards the Jan contract. So in any case here is Dec NG. Price topped out at 3.96 and rolled over and pulled back to the breakout point and major support level now at 3.63. Friday price plunged through that support and closed at the lows of the day. Not a good sign for sure but one day wonders do occur. A rebound back above 3.63 would be bullish. A continuation of the selloff or even holding below 3.63 would suggest a reversal in price once again and be bearish. Chart patterns with support and resistance levels are not cast in stone and closing a little below support doesn't mean much but is a 'heads up' and warning for sure. ONLY re-crossing 3.63 and especially closing back above this level would suggest a long postion again. That's what the chart is saying to me in any case fwiw................ Lower oscillators show short term the CCI 20 is tagging the very oversold zone and the medium term RSI 21 shows it back to the 50 line support area and the very long term Modified MACD shows a bearish roll over. So overall with Friday's price action along with the oscillators it doesn't look good. Gotta re-clear 3.63 to be bullish again. That would mean the recent pullback was just a pullback and not a reversal. The Jan contract is tracking the Dec contract closely so far.

Just thought I'd mention that hundreds of Canadian Hydro workers with trucks and equipment have left for NY and New Jersey to assist in restoring electrical power to various areas. Even from the far West Coast over 100 Vancouver Hydro workers have left for your area with trucks and equipment to assist. Hopefully Humpty Dumpty can be put back together again quickly. I thought you had left N.J. and moved up to Maine?