The price of Natural Gas Continuous Contract NYMEX has moved up to the 25% price line and is nearing the 1×8 angle which should be resistance. After the fast move by price, I expect a pullback caused by the angles above. I am not sure what will happen after a multi-week/month correction or basing activity. But I do know that buying Natural Gas at this point is a high risk trade.
West Texas Intermediate Crude remains at the 25% price level which has been resistance since June. A break above this line would allow a move back to the lower side of the 1×1 parallel angle which started at price 35.13.
Charts courtesy of Stockcharts.com
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.