In our previous edition published last week, we projected that if the market (Henry Hub Natural Gas (NGX21) Futures) broke below $5.480-5.568 support, we would then readjust our long position to lower levels above $5.073-5.147 support.
So, this is exactly what the market did (after rebounding a few times on the same level), and thus an opportunity arose on Tuesday to enter just above this new projected support (just look how prices got rejected back up after almost touching it…).
We suggested that an appropriate stop would be placed just below $4.766 in order for a target to be $5.663-5.790, and the market hit that target yesterday by topping at the $ 5.964 level on the futures contract! – See Fig. 1
Trading Chart
Figure 1 – Henry Hub Natural Gas (NGX21) Futures (November contract, daily chart)
Our trading approach has led us to suggest some long trades around key supports, as natural gas recently offered a few opportunities to take advantage of dips onto those projected levels. If you don’t want to miss any future position calls, be sure to look at our premium Oil Trading Alerts.
Have a nice weekend!
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Thank you.
Sebastien Bischeri
Oil & Gas Trading Strategist
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The information above represents analyses and opinions of Sebastien Bischeri, & Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Sebastien Bischeri and his associates cannot guarantee the reported data's accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Bischeri is not a Registered Securities Advisor. By reading Sebastien Bischeri’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Sebastien Bischeri, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
