Thursday, July 17, 2014

Alert: So this just happened....

Thank goodness I got my alert out while I could but UNG has already broken through my forecast resistance of $22.25. On the daily chart the next resistance looks like $21.50 although looking at $NATGAS I think this will go all the way down to about $19.75.

The most important thing I can draw your attention to is that on the daily chart the declining red channel (as drawn) has broken down signifying that either the original descending channel is widening (and therefore foreshadowing a long more protracted fall in prices) or that this is the beginning of a fast/narrow channel downwards. Please stay posted as more information becomes available.

The two hour view:

The daily view:

Jakob Richardson © 2014