- A hard pullback within an uptrend and
- The seasonal average is positive into November
NFTRH 724 noted that NatGas appeared to have a ‘buy’ shaping up. Let’s look at the Gas tracker, UNG.
The pattern measures to 20 (+/-). The trends by both daily chart moving averages (50 & 200) are up. Gas is oversold and…
…the seasonal is bullish into November.
Of course, the macro we are favoring, if the correct one, is not favoring commodities and inflation trades. But nothing goes in straight lines. If Gas can drop a bit more I’d like to think about adding UNG for a trade.
For reference, here is the chart of the Natty futures…
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
