Αλλαγή στο χαρτοφυλάκιο
June 7, 2018
Natural Gas week ahead
June 10, 2018

NG still inside a long-term bearish channel, is now trading near the upper channel boundary. This is a great shorting opportunity with tight stops above 3$. If history repeats itslelf like the past two times NG was trading at the upper channel boundary, we should soon expect the start of a sell off towards 2.60$ and lower.

Taking a closer look to recent price behavior I think of two possible ways to trade this. Sell on a break of the sideways range (2.86$ support) or sell now at 2.93$ with the highs as stops for both cases. Price made a new short-term higher high today but the RSI did not follow. This is a non-confirmed high and we can see more selling pressures arrive here soon. Price already is trading 0.06$ lower than the high at noon.

A break below 2.86$ will open the way for a move to 2.77-2.72$ very fast. I’m bearish NG expecting a sell off soon.

 

Thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.