All Quiet, In Nat-Gas

We’re likely in the ‘Desperation’ phase of the Nat-Gas market.

Longs have literally been beaten to a place where there appears to be no more downside.

Today’s opening posted a new daily low of only 0.01-pt, before reversing, now trading higher (as of 1:17 p.m., EST).

Nat-Gas UNG, Hourly

One more new low, then reversal.

An hour-long upside bar shows ‘Sign of Demand’ and then a shallow retrace.

Positioning

Yesterday’s trade UNG-23-07, was exited in today’s pre-market session at the stop low of UNG 5.44 (not advice, not a recommendation).

After the upside reversal, the trade was re-opened.

The new position is labeled UNG-23-08 with a Hard Stop at today’s low of UNG 5.43 (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279