The uptrend of NGAS in the past week was a completely irrational move fueled by good news for oil. Other than that, inventories were slighly below forecasts and weather neutral. Furthemore, this rally is starting to experience exchaustion with huge spreads between bid and ask which leads to gaps--mostly to the downside. Thus, I believe that panic selling will follow; and as we know panic selling of NGAS is an amazing opportunity to short. I entered short at $3.5 and will hold till STOCH RSI bottoms, where I will try to long as I think NGAS has potential upside.
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12/5/2016 added to my short at resistance to decrease the average cost.
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The bullshit-o-meter is through the roof: added short at the bearish hammer on the 1H
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This is not the reversal we are looking for.
1. 4H STOCH RSI not topped
2. 15M lower BB not widening
=we will bounce back more likely and then reverse finally
1. 4H STOCH RSI not topped
2. 15M lower BB not widening
=we will bounce back more likely and then reverse finally
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Added at $3.682
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didn't see the reverse hammer I wanted and close below yesterday's low... Another day tomorrow--another try.
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There we go, reverse hammer on the daily and all indicators reversing
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Took some profits from my Friday entries
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