As expected, nat-gas is moving to the upside.
The original entry from the last session is well in the green; the trade has been increased by 50%.
‘Pyramiding’ is a classic time-tested method for market speculation. Wyckoff discussed this technique in his first publication of “The Ticker”, back in 1907.
That specific (first edition, 1907) text can be found here. Scroll to pages 17 – 18, for “Rules of a Successful Speculator”.
Other Wyckoff links:
Compilation book is here.
Wyckoff “Ticker” publications are here.
Continuing on with nat-gas, as of this post (12:58 p.m., EST), the futures NGX20 is right at resistance in the 2.800 area. This corresponds to roughly UNG @ 12.45.
We’ll see if it pushes through to the upside. If not, then we can expect some kind of downward test at the next session, tomorrow.
At this point with NGX20 trading at approximately 2.795, it looks like it can go a little higher before it hits a limit-up for the day.
Nat-gas futures contract limit data is here.
Barring some unforeseen event that could cause nat-gas prices to collapse, a position is now open that will allow participation in an expected price rise going into the fall and winter months.
Potential exit targets have been established as identified in this report, here.
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