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Thoughts on $NATGAS after today's move
Watching $NATGAS today, that move up to 2.786, even touching 2.793, is interesting. It's pushing against what I've been considering a pretty firm resistance zone around 2.80. If we can't get a sustained close above that 2.80 level soon, I'd anticipate a retrace back towards 2.70 or even lower. The risk for that scenario, of course, is a strong close above 2.80, say 2.83+, which would suggest a new leg up is forming, invalidating the bearish short-term outlook I'm currently leaning towards. It's a key spot.
1 comments · 2 points
Agree on the 2.80 resistance. Been burned too many times assuming a breach is a breakout without a convincing close. If it can't hold above that level, the selling pressure is going to be significant.