What to do with NATGAS going forward
NATGASUSDDouble top testing green fib chamber rejected and dropping to bottom of yellow fib chamber. While 2.5 or below is possible it looks as though a double bottom may form at around 2.583 or so matching up with the price in February.
Looking for confirmation of a bounce before riding AMEX:UGAZ all the way back up to an almost guaranteed 3.0 or so.
Be careful and take extra caution when trying to catch a falling knife. Look for confirmation of a double bottom and miss a little profit rather than miss the trend entirely and get cut.
Tentative long if we bounce here. If there is no bounce we may be seeing just the start of a natural gas bear run.
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