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.
