I mentioned Nat Gas a couple of times on the stream today. The rallies off this trend support keep getting weaker. Now price is wedged between that support line and multiple key moving averages at the 2.80 level (closed at 2.75 Monday 8/3).
This is a pretty interesting wedge setting up. Who knows how it'll go, but the dominant trend has been lower. Frankly, a break higher might even be a short opportunity with the 200 D MA so close by. It appears a larger move is setting up and I want a part in it. The next couple days will be really interesting.
On an aside, my buddy came through to visit. He lays pipeline out in the Bakken. He says the oil and gas players are trying to pump more gas to make up for lost oil profit. Maybe supply gets flooded here too?
Anyways, the key thing to take away from this information is it isn't worth trading on. Look, I love this dude, he's my brother. However, at the end of the day who knows what's priced in and the information is hardly a complete, vetted analysis.
Trade 'em well!
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