Well… weather models are back to teasing with forecasts of cold coming, how much and how long, or how true for that matter? No idea. This should still have a slight influence on pricing this morning. Emphasis on slight. Mostly traders taking a small chance I would imagine. It is EIA Thursday, with what is expected to be another relatively weak draw. Production created a new short term low of sorts, something to have patience with.
Anyway; on to the chart. I have a slight break from a wedge on 1 hour. Not sure why I was looking at H20, but that’s what the ETFs are in right now so why not. Zooming out there may be a inverted head and shoulders forming. $2.15 for H would certainly be a nice target. I’m not good at targets, so don’t take my word for it.
Not a lot has changed for me, I’m holding tight with my 80% holding in UNG. Same plan as usual. I will sell 38% of my UNG holdings at my average of $15.85; I have a limit order in now to sell. If sold, I will still be holding 50% of my funds in UNG. A $15.85 price for UNG is close to $2.03 for the price of natgas. After a while of making these losing trades, I decided to always reduce at my average by some amount.
If the price moves higher past my average, I will continue to hold 50% for a while longer unless there is a sharp move up. There should be time to react if that happens. As far as buying, $14.4 will most likely not come this week unless today is horrible. Again, plenty of time to make a decision on that. Good luck.
Oldinvestor