Morning Update Nov 1, 2019

It looks as though gas is heading for new lows. Fundamentals aside, this is a clear indication the market wants to go back down. Since we are coming up on the weekend, I don’t want to get carried away with taking a new position in DGAZ. I like 3% here. This is a very small position. A lot can happen over the weekend. Weather could shift cold again; this is not highly likely so I’ll take a short position today. Short meaning I’m going to buy DGAZ.

Now for a look at 2 hour chart. We are rubbing on the lower BB (Bollinger Band). I’d like to see some pull back, maybe back to $118 on DGAZ to buy. Another thought would be to take 1% now, and buy more if DGAZ falls some. I think placing a stop at 114.5 would be a good choice. Since we don’t have a lot riding on this trade, we just won’t worry about it.

I personally am going to wait. I may get busy and miss out, but 5 min chart is trending higher. I’ll post a trade alert if I make a move.

Oldinvestor