Natural Gas Dark Cloud Cover
Oscillators rounding over combined with the candles mean time for a trend change after a significant bull move.
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OK. It's not done yet.Possibly a good point to start shorting as price is pushing out the upper boundaries of the rising channel.
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Today (Monday) after Friday form the tasuki line and indicate selling.
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The long upper shadows on the last two 4 hour bars show a market that is rejecting higher prices. There is resistance just below 3.75 so that should be a cap in the short term.
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Last two days form the harami pattern. This could lend more support to the belief natural gas has topped. The long upper shadow indicates selling pressure as price reaches 3.75.
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The last two candles with long upper shadows lend further weight to the belief the explosive surge from 2.75 is over.
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Going by today's surge it starts to feel like this train is not going to stop no matter what. The two previous candles with long upper shadows gave real reason to believe 3.75 was the top but that is now in doubt. But the top is still holding.
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Large break-away gap down on open; large volume; indicators rolling over.
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NATGASUSD show's a perfect 3-day top inside a mega-phone pattern:
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This decline isn’t acting like I expected and so I present a possible hellish case for bears IF this turns out to be a pullback channel in a resting bull move. I hope this won't be the case because it did seem like a good short opportunity.
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The day ended with a large black line engulfing the previous line on high volume forming a bearing pattern. The last four days trading appear to have become completely disconnected from the previous up channel.
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My short idea around 3.68 on the NG1! worked a little bit for a while but the surge from 3.30 was so fast and wiped out the gains quickly. I now have a loss but at the end of the surge the action felt a lot more like a short squeeze than long term position buying. We now see a price/MACD divergence. The dead of winter is near after which consumption should be expected to begin to slowly taper down. Is the market nearing the winter peak or does gas have a lot further to go?