Sunday, May 24, 2015 3:40:41 PM
NG/UGAZ/Nat Gas
On Thursday I posted this chart with my entry zone clearly marked. This is one of those plays where we have a clear "optimal" loading zone with a stop built in not too far below where I'm looking for my first buy. This is going to be my biggest play of the week and if all goes well it may be my biggest play of the month. I want to see how this develops coming off the bottom before I start spitting out exact targets but I will say that this next move higher could reach as far as $4 before we start the pullback that I don't want to be in for. I'm also going to take my time with this play and explain what I'm looking for before it even happens so no one feels the need to panic every time we see it pullback and we will see several before the top. So for now here's the updated chart with the entries I outlined on Thursday. The place we'd like to see hold is $2.836, that would be golden IMO and without question strengthen my bullish outlook. Now remember these are not pinpoint to the penny targets that once broken invalidate my higher targets but a sustained break of $2.785 would have me abandon the play until I can figure out what I want to do given the break of support. However I clearly think it's going hold and we're going to be entering a 3rd wave or I wouldn't be making such a big deal about this particular point on the chart.
On Thursday I posted this chart with my entry zone clearly marked. This is one of those plays where we have a clear "optimal" loading zone with a stop built in not too far below where I'm looking for my first buy. This is going to be my biggest play of the week and if all goes well it may be my biggest play of the month. I want to see how this develops coming off the bottom before I start spitting out exact targets but I will say that this next move higher could reach as far as $4 before we start the pullback that I don't want to be in for. I'm also going to take my time with this play and explain what I'm looking for before it even happens so no one feels the need to panic every time we see it pullback and we will see several before the top. So for now here's the updated chart with the entries I outlined on Thursday. The place we'd like to see hold is $2.836, that would be golden IMO and without question strengthen my bullish outlook. Now remember these are not pinpoint to the penny targets that once broken invalidate my higher targets but a sustained break of $2.785 would have me abandon the play until I can figure out what I want to do given the break of support. However I clearly think it's going hold and we're going to be entering a 3rd wave or I wouldn't be making such a big deal about this particular point on the chart.
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