"Sadly now, there can be but one outcome"
In a trade crowded with amateurs and underperforming funds:
$5.6240 down 51.1 cents last, $5.59 low.
From ZeroHedge:
Bank Of America: "NatGas Is Topping; Move To Sidelines ASAP"
While BofAML's Macneil Curry is a long-term bull on Natural Gas (with expectations of a push to $7.33 and on to $7.80), he warns, for now, its' time to move to the sidelines as a medium-term top is at hand...
The combination of continuation chart resistance at 6.41, coupled with the completing 5-wave advance and bearish momentum divergences in NGJ4 say the uptrend is exhausted for now.Recently:
Look for prices to pull back toward 4.54/4.33 before the long-term bull trend can resume.
Natural Gas: Storage Report Comes In As Expected, Futures Drop
...Be that as it may, we're doing the picking up pennies in front of a steamroller thing, recommending a short in the face of all this just because the ascent was losing momentum. And as noted in one of the Tesla posts:Natural Gas Goes Vertical Ahead of Thursday's Storage Report
We'll be back with more but right now the more interesting question is "What happens to natural gas if the NYMEX raises margin requirements?'Here's the week's action via FinViz, there is a lot of nervous money on the long side of the boat...
