(MORE OF THIS CAN BE FOUND FOR FREE AT ABCSOFGAS.BLOGSPOT.COM)
Hi guys, updates will be every Friday from now on. I'd like to note that although I am not the smartest trader, I would like to supply free weekly natural gas TA charts & GOLD charts that are continuous in nature. Natural Gas Futures contracts are rolled over every month so if you are tracking $NATGAS or UNG or HNU.TO you are likely not reading the real price of NYMEX Electronic Traded Natural Gas over a 1-year time frame. That's why this site could be essential to your trades.
You have to remember, I try to avoid the noice to capture high-probability trades so don't expect daily updates.
Recap Of The Week:
If you turned on the T.V this week you'll see fast money anchors crying because the DJIA has just been hit pretty hard. The week started off with negative news with Republican Scott Brown winning a bitter Senate race in Massachusetts on Tuesday, dealing a sharp blow to President Barack Obama's legislative agenda and casting doubt on the fate of his sweeping healthcare overhaul.
Then you had Obama proposing tough regulations, Thursday that aim to limit the size and risk allowances at financial institutions. Why did mr. O do this? Obama appears to be stepping up his defence of Main Street after the Democrats' devastating loss Tuesday in the Massachusetts Senate race.
If I've learned something being a HFT is that Wall Street participants are actors. In-front of the camera they argue with emotion. I can't believe the anchors are suggesting to buy puts today.. at 10,172 on the DJIA.. Hello? Where were you guys 500 pts ago? Do not believe the hype.. We will sell off a bit more.. than magically we will rally up to 1200. Why do I think this? See my chart (posted on Nov 27th over here
https://social.stocktock.com/photo/future-cycles?context=user for justification)
Enough of me talking though, how has Natural Gas & Gold faired out in responce to all of this?
Disclaimer: All charts used are the electronic natural gas futures, not UNG, nor HNU.TO. How can you use these charts to trade Natty? If we are approaching resistance you'd want to sell UNG or buy HND.TO and vice-versa. How can you devise targets? If I say set a 2% stop in natural gas futures, then that would probably mean a 2% stop in UNG and 4% stop in HNU.TO.
Charts of the Week:
Long-Term Trend (2-4 months) bearish. Why? We are not making higher highs on the daily chart. Look at the medium term chart.. we are trading in the downwards black channel. We are approaching key long-term resistance. I do believe the weekly chart shows the bottom has been made. However I think we'll have one last major correction before we shoot off to the $7-8 range.
Please click the image to view the longer-term TA perspective of Natural Gas.
Medium-Term Trend: bearish (2-4 weeks) (we are approaching key resistance levels in the 5.95-6.05 area.. ) you guys should really be shorting with stops at 6.10-6.15. If 6.10 breaks you bail.. otherwise take advantage of the next-downmove
Please click the image to view the medium-term TA perspective of Natural Gas.
Short-Term Trend: Bullish (next 3-5 trading days).. This upwave might overextend in the high $5 range but it should quickly pullback.
Please click the image to view the short-term TA perspective of Natural Gas.
NEW GOLD CHARTS!
Gold has broken it's uptrend and has a target for $1020 to be reached in late February (H&S). If Gold does not break $1060, this event will not happen.
If 1060 breaks, watch out because more selling pressure will come. All the information you need is on the chart itself!! Check it out.
