Thursday, October 12, 2017 10:33:27 PM
I think we are, but not before NG hitting 3.02/3.05 tomorrow. Could go higher if shorts continue to cover. I believe DGAZ/UGAZ completed their Dec Future rollover today. They moved NG toward the DEC contracts (3.14) and spooked the heck out of some shorts.
1-NG demand is still low.
2-weather still favors a bearish stance.
3-Seasonal charts point to NG downturn in later 1/2 of October
4-1 hour, 4 hour charts are overbought. Daily is not thus I think NG goes up tomorrow.
Caveat: Watch the 2.90/2.94 area they could bounce NG of that line and take it up into contango.. Future Expiration on 10/26/17. I fully expect (no guarantees) them to start moving NG up to the DEC contract price Monday 10/23/17 Then take it back down on 10/27/17, 10/30/17. It could go either way you have to be nimble but that's the way I'm playing it
https://www.investing.com/commodities/natural-gas-contracts?&page=optqte&sym=NGX17&name=Natural%20Gas
DISCLAIMER: MY POSTS ARE STRICTLY MY OPINION, AND ANY OPINION
PROVIDED DOES NOT CONSTITUTE A BUY,SELL, OR HOLD RECOMMENDATION OR DECISION.
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