Natural Gas Futures--- Natural gas futures in the March contract is trading higher by 7 points at 2.62 breaking a 4 day losing streak as I'm currently keeping a close eye on this market for a possible bullish position which would be counter trend trading, however I think the downside is very limited from these depressed levels.
If you take a look at the daily chart there is a possible double bottom that may have been formed in yesterday's trade at the 2.53 level which was also hit on December 21st as this market has dropped over 60 points in the last 2 trading weeks as I think we are in oversold territory.
Natural gas prices are still trading under their 20 and 100 day moving average as clearly the trend is to the downside, however we still have several more weeks of winter as cold temperatures could come back to the Midwestern part of the United States as I can still see prices cracking the 3.00 level in the weeks ahead so I will possibly be looking at a bullish trade tomorrow while making sure that you risk 2% of your account balance on any given trade as a proper money management technique.
If you have read any of my previous blogs you understand that I'm clearly a trend trader, however once in a while there is a special opportunity to counter trend trade as I took a natural gas trade several weeks ago right near the bottom as well as that turned out to be successful as I might try this one more time to the upside if the right situation occurs this week.
CHART STRUCTURE: POOR
If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
Skype Address: mseery TWITTER---@seeryfutures
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If youre looking to open a Trading Account click on this link www.admis.com
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.