Hi, here's the chart that shows what natural gas is doing.
Statistically I believe tomorrow will be an up day [theres a probability bias from backtesting that tomorrow will be an up day]
Support/Resistance for october contracts
$3.72-3.776 Resistance
$3.482-3.524 Resistance
$3.15 Resistance (ng needs to break $3.10 & $3.15 for any sustainable rally to occur).
$3.10 Resistance (see above)
$3.00 Resistance
$2.90 Resistance
$2.75 Resistance
$2.70 Support (tested once on august 27th)
$2.64 Support
$2.50 Support
Poll [was released on August 24th]
57% of participants are bullish (-3% change from monday)
31% of participants are bearish (+6% change from monday)
Bottom Line:
There is a lot of uncertainty about to occur in the markets. I would stay out IMO.
If you are planning to invest in natural gas please wait until a clear confrimation of the bullish downwards channel break [the bullish wedge was no longer valid So we have to look for a new pattern] .
E-mail me at zeeshan_maq@hotmail.com if you have any questions.
Good luck guys.
