NATGAS update for a friend …

NATGAS as of 11:52 EST 11/23/2015

  • note the red horizontal line – that is still just a little bit left of the gap that has not closed. it could go back down there to close it BUT price action from this level is promising.
    • also, note the 2.021 level at that is a target (1.618 extension)
  • RISK is a daily close below 1.949 for the larger time frame
    • RISK intraday is the low that was made at the .786 at 2.058.  NEED IT TO STAY ABOVE THERE.

Page_15-11-23_11-54-25

Moving forward believe 2.231-2.56 will act as resistance moving forward. for the bullish case to work – need to bust thru there. DO NOT EXPECT IT TO HAPPEN on the FIRST ATTEMPT.  IF it does THEN it’s strong.

 

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  • note the count that I am going with …
    • see the 3 waves to a top at (b)? that is a classic “b” wave and action after that top sure smells like a C wave. Thus, at 2 0r B if we are bullish then this level will hold and we should continue to start up.
      • two projection are near term targets only …. 2.383 and 2.589.
  • believe the 3.0 level is still possible but need to see price action at areas of resistance noted.

one last, a big picture look at the weekly/monthly so we don’t get to focused on the soda straw of intraday.

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so, we are at deeply oversold levels and a countertrend bounce is due.

hope this helps.

Bart

 

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