Looking at the natural gas and UNG charts, why on earth did I comment today they're beginning to look interesting again?! Perhaps some kind of bottom-picking instinct? Frankly I've got to say two things up front: after a gap drop, it normally takes another day down lower on narrow range and smaller selling volume (or capitulation volume) before it's ready to go up again. Well, the indicators are still bad but selling volumes have lightened up. There's a possibility it needs substantially lower but I don't know if that's guaranteed. The monthly MACD is compressing and starting to try up to zero. But the 2nd thing I was going to say is - don't buy until you see a day that closes above the prior day's high. For anyone still long, don't despair, let's use logic and analyze this.
I'm on vacation and not much time to write. Will try to find time later. For now, the angles do look interesting and I want to analyze as soon as I can. We can also see if today was close enough to be something like a doji. One thing is that it may be at or close to symmetry when you look at the 2 drops from the June highs. Perhaps a large EDT in the works? There's also a Fib pattern called "shark attack" that this can fit and send it up for another retrace pop. (Meantime we'll also keep eyeing volumes.). So there are reasons to think another bounce (or more) can be in the offing.
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