We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of Natural Gas (NG.J13.E).
I hope you are having a GREAT week !
This week let's take a look at April Natural Gas.
Natural Gas found support at a double bottom level, has moved higher, and put in a weekly MarketClub green Trade Triangle, which is bullish.
If Natural Gas continues higher and breaks through resistance, it would put in a monthly MarketClub green Trade Triangle, which would be even more bullish.
The MACD is on a buy signal and right now everything is pointing to higher prices for Natural Gas.
This is a Chart to Watch, as big things look to possibly be in store on the upside for Natural Gas.
Thanks,
Jim Robinson
Profit Trading.com
I think a good strategy would be to buy if 3.7 level is reached, with 3.9 as first profit level and 3.6 as stop-loss. This chart contrasts sharply with Oil which has made a double top in 117.5 aseems much more weak.