My proprietary indicators show that natural gas's bull market that I had been calling since the Summer likely ended in early November. My statistics show an impenetrable layer of selling at the late October highs above 22.50 in UNG. But there are high levels of limit order concentration within this past year's range so I expect bounces like the current level of $20.00 can provide short-term support over the next few days.
But these proprietary technical do not portend well for NG looking into early 2020, and I would expect $18.00 to be taken out by mid Q1 2020...
No comments:
Post a Comment