We managed to see a good run on our previous Natural Gas trade idea. From $2.12, the price exceeded our expectations, going on to test $2.70 in about six weeks. Now, we see the price retreating to test the 50-day moving average which is also just above the 61.8% Fibonacci Retracement Level. If you've missed the previous trade, the current level provides an opportunity to take a buy long position in anticipation of a rebound.
Trading Plan:
Buy NatGas at current levels ($2.33) or better
Use a stop-loss of $2.26 to protect capital
Take profit at or near $2.48
Trading Plan:
Buy NatGas at current levels ($2.33) or better
Use a stop-loss of $2.26 to protect capital
Take profit at or near $2.48