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Natural Gas (NG) Testing 38.2% Fib Retrace of Jul-Aug Rally


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Natural Gas (NG) is trying to edge higher going into today's European morning, bumping up against triangle resistance (on the 4hr chart). Significantly, NG is nearing the completion of the daily chart triangle, and testing the 38.2% Fib retrace of the July to August rally. Although bulls should not rule out deeper profittaking following Thursday's highly anticipated weekly storage data, where a test of the 50% Fib of the July-August rally is moderately likely, odds are elevated for NG's major trend reversal higher to reassert by early October. Congratulations to Premium Members who profited from the opportunities highlightedApril 1st,April 17th, onMay 1standreiterated Aug 3rd before the day's historic gains. The weekly, daily and 4hr RSI, Stochastcis and MACD are mostly bottomish, consolidating recent gains or rallying. I am flat after profitably closing longs yesterday and am looking at re-entering long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).


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Before the launch of Tradable Patterns , Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014.  His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community.  Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus.

 

Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong.  Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering.  On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals.

 

Darren can be reached at +65 8118 8840 or via email at darrenchu@tradablepatterns.com.

 

 

 

contributing author since 11/21/2017 

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