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http://www.dailyfx.com/natural-gas
it was down earlier. Their oil chart still is.
Currently $2.385
Natural Gas, to me, looks like it as be bottom plateauing for the past month.
Hopefully it is coiling like a spring.
I guess we'll see if this bottom holds...
We are already below the lows from spring
Hmm.... Did it Nat gas just double bottom?
You realize he's talking about WTI (West Texas Intermediate Crude Oil) the commodity that this ETN is based on and NOT the price of UWTI right??
Everybody had a hard year. Everybody had a good time... Oh yeah. Oh yeah!
Well it was a small one and no reported damage but let's see what the market thinks about this.... http://m.seattlepi.com/business/energy/article/Oklahoma-feels-another-moderate-magnitude-6563230.php
Bears have over production and over supply.
Bulls have geopolitics.
Geopolitics could easily trump over production/supply.
Then there is the good ole USD.
If the dollar crashes then the bulls win. (which, sooner or later, they will).
I just keep playing the channel and switching from D to UWTI.
Currently in DWTI.
Good luck!
No, not like a dead cat.
Dead cat bounce only happens in stocks. Companies that can go bk and make the worth = $0.
This is oil. Oil will NEVER be worth $0. This could definitely go lower but WILL eventually go WAY back up.
There will NEVER be a "dead cat bounce" for any commodity...
And the answer is: no. No intraday double top.
Woohoo!
I was referring only to today's run on the intraday 1 minute chart. I'm hoping the run will continue with a pause here but we'll see.
There are plenty of folks around here who'd debate that proclamation 'til they're blue in the face.
I'd say charting this matters no more or less than any other stock/security/ETN(F)
I'm referring to the WTI chart not the UWTI chart BTW.
Did it just double top? On the intraday?
And again, it keeps bouncing off the top line.
He's right. This happens every month with all the ETNs, someone thinks their rich at contact switching time....
I did too when I first started trading them.
No nation goes to the aid of another, especially battle/war, without their own self-interested motives.
The question is: what are Russia's. Very few really know though you can find hundreds of articles speculating.
This is an ETN, it will always trend towards zero. It even says so in the prospectus. This is a TRADING tool (VERY short term) not an investment.
Welp it bounced off the bottom support line. Lets see if it holds or crashes? Is it a U or DWTI kind of day for me today? Ha!
Doesn't look like a flag to me. Looks like a double top @ $47.20
I agree. In back in DWTI. Back and forth almost daily has been great!
hmmm... I see a head and shoulders forming from the 9th to today.
I see an inverse head and shoulders forming from the 3th to today.
Inverse head and shoulders?
These are ETNs based solely one the WTI commodity.
That's not how it works. DWTI and UWTI ONLY move based on the price of West Texas Intermediate Crude Oil.
People could buy a billion shares of DWTI or UWTI and the price won't budge if WTI doesn't. Credit Suisse just prints more shares to accommodate the buyers.
The same goes for selling. If those billion shares are dumped, unless the price of WTI moves, the price of DWTI/UWTI won't change. Credit Suisse just takes the shares back.
Double top on the 1 minute chart at $46.36?
Head and shoulders forming? We'll see.
Man oh man UWTI/DWTI flips are the gifts that just keep on giving!!!
Wow, that was a crazy 1/2 hour!
Looks like it bounced. Looking good on the hourly.
currently falling through a trendline
With decay it IS inevitable (though not necessarily this year). By following WTI, not so much.
I read all sorts of posts/articles implying that oil could hit the $10ppb of the '80s. Clearly no one takes into account the inflation and the value of the dollar. I imagine in '80s dollars we came pretty close.
I agree that the bounce was expected.
Can't find the post, but someone yesterday predicted this going right to $45 today. Spot on!
I can't believe how dead the board is today!
Surpassed the overnight double top!
Yeah, they really should. Redundancy is key, especially in this business.
Yep, oil will NEVER be a dead cat. (Not until it is replaced as an energy source/material feed stock).