Natural Gas Reloads For Another Price Rally / Commodities / Natural Gas
Asa technical trader, one has to really learn to appreciate when a trade“reloads” for another move higher. Much like the Gold base/bottom inApril 2019 below $1300 that we called back in October 2018. When a trendconfirms and we can see the potential for upside profits, but price performs a“deep pullback” withing that initial trend setup – it is almost like we'redreaming.
Afterthe downside rotation in Gold setup in April 2019, the next move higher pushedGold prices up to $1550 from levels near $1275 – what a great move thatwas. Now, imagine Natural Gas may give us another chance to get longbelow $2.30 with an upside target near $3.00 before mid-November? Incredible – right?
Readour original research post here : https://www.thetechnicaltraders.com/has-the-basing-setup-in-natural-gas-completed/
Hereit is, folks. After setting up a very deep price base in August 2019,Natural Gas has, again, moved back into the basing zone and our historicalprice research still suggests October and November will be strongly positivefor Natural Gas. We believe the upside potential in Natural Gas couldtarget $3.00 fairly quickly – possibly before mid-November 2019.
This data is quotedfrom our original research post...
“Ourresearch tools suggest that September has a 65% probability of rallying morethan 6x the historical range. This would suggest a rally potential ofmore than $2 exists in September for Natural Gas. Our tools also suggestthat October has a 75% probability of rallying more than 3.2x the historicalrange. This would suggest a potential rally of more than $1.20 inOctober. “
Daily Natural GasChart
Weekly Natural GasChart
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ThisWeekly Natural Gas chart highlights the “bump” in price that happened inSeptember and how price has fallen back into the basing zone. It isalmost as if the market forgot what Natural Gas should be doing, historically,at this time of the year. Well, who cares. If the markets are goingto give us another chance at a +30% price rally – we're not going to miss theopportunity to buy within the basing zone.
Ouropinion is that any opportunity to buy below $2.40 is an adequate entrylevel. Ideally, try to wait for levels below $2.30 if possible. This new basing zone pricing may not last very long, so try to take advantageof lower prices when possible. Ideally, the upside potential for thismove should be fairly easy to target given the historical price patterns thatconsistently drive Natural Gas higher in October and November.
Concluding Thoughts:
Asskilled traders, we have to learn to take advantage of when the markets provideus with these extreme opportunities and setups. We believe any upsidemove above $2.75 to $2.80 would be a suitable outcome for this extended basingpattern. Gutsy traders could attempt to hold for levels above $3.00 – butwe're not confident that extreme price level will be reached quickly.
Onething most traders don't understand is that the extreme winter weather thatjust hit the US and Canada last week could be a fairly strong indicator ofearly demand for heating oil, natural gas and other consumer energy products asan early winter may be setting up. Either way, we believe this setup is agift for skilled technical traders – don't miss out.
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Chris Vermeulen
www.TheTechnicalTraders.com
Chris Vermeulen has been involvedin the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader,and is the author of the book: 7 Steps to Win With Logic
Through years ofresearch, trading and helping individual traders around the world. He learnedthat many traders have great trading ideas, but they lack one thing, theystruggle to execute trades in a systematic way for consistent results. Chrishelps educate traders with a three-hourvideo course that can change your trading results for the better.
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He is a regularspeaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chriswas also featured on the cover of AmalgaTrader Magazine, and contributesarticles to several leading financial hubs like MarketOracle.co.uk
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