NATGASUSD - Natural Gas Nearing Top of Long Term Channel
Getting ready to buy inverse natural gas, DGAZ.
Natural gas is nearing the long term channel which it hasn't broken several times.
Natural gas has touched the top of this channel every - 6.90 - 7.00% as you can see in the D1 graph.
First touch - -6.99%, 994 bars (62 d 15 h)
Second touch -6.90%, 860 bars (54 d 00 h)
Wait for strong breakout confirmation of the channel, I would wait for a strong confirmation to avoid a false breakout, then buy when it rebounds off the previous channel resistance (possibly breaking 2.34 - 2.35 area or greater).
(More likely scenario) Wait for strong rebound and go long term inverse gas / short.
Natural gas is nearing the long term channel which it hasn't broken several times.
Natural gas has touched the top of this channel every - 6.90 - 7.00% as you can see in the D1 graph.
First touch - -6.99%, 994 bars (62 d 15 h)
Second touch -6.90%, 860 bars (54 d 00 h)
Wait for strong breakout confirmation of the channel, I would wait for a strong confirmation to avoid a false breakout, then buy when it rebounds off the previous channel resistance (possibly breaking 2.34 - 2.35 area or greater).
(More likely scenario) Wait for strong rebound and go long term inverse gas / short.
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