As a counter trend trader NGAS has been pushing aggressively high recently backed by some cold weather spells across the US and Russia.
This chart has a lot of information so let me break it down to indicate my thoughts on what price might do next:
1.) We have 2 Missed Weekly and 1 Monthly Pivots
2.) The time period for which price has not touched or met the 200 Moving average is at a record high
3.) We have bearish divergence (in development for a long time) on the RSI which indicates a bigger retracement
A break of the trendline using pending orders and targeting half way to the missed monthly (2.5 area) would be ideal.
For more information, please follow me on here, twitter or at www.ejfxtrading.com
This chart has a lot of information so let me break it down to indicate my thoughts on what price might do next:
1.) We have 2 Missed Weekly and 1 Monthly Pivots
2.) The time period for which price has not touched or met the 200 Moving average is at a record high
3.) We have bearish divergence (in development for a long time) on the RSI which indicates a bigger retracement
A break of the trendline using pending orders and targeting half way to the missed monthly (2.5 area) would be ideal.
For more information, please follow me on here, twitter or at www.ejfxtrading.com
