Posting from my phone this morning, forgive me if I leave something out.
First thing, I sold out of UNG and have not chosen to re-enter, yet anyway. I wanted to enter and hold DGAZ but it felt rushed so did not try to get that posted. Anyway, the move late in the day, pit close most would say, NG turned and dumped. Weather was preached again. Weather always does its part to buck the trend, but this 5c move was profit taking at the end of a tremendous run.
This morning, prices have fallen a bit more, i would say a GFS (weather forecast) update might actually be responsible this time. GFS does this, gets ahead of itself, then corrects, what fun!
Daily chart looks to have a small wedge look to it, but i lack the confindence to choose a direction at this point.
That being said, the market is still oversupplied, I’m going to repeat that a lot, evetually it should come with some news of bankrupt operators (producers). Over the last year it has spelled out cuts in capex. I may or may not be near the market today, so I’m out and happy. It was a good first win for my “example account”. I’m really more interested in the market testing $2.3 or $2.5 on Jan contract.
Holding tight today