Nat gas is at a critical area. We had a bounce off the 10 year low, but not that significant imo. 2.4 is a huge resistance because it's not just prev low, but also if we break and close above (preferably 2 days in a row), it'll be a higher high. We haven't had any higher high and higher low for a long long time in Nat gas. If this turns and head back down, I expect a new low.
Let's close above 2.4 and 2.6. Then above 3. We'll see more short coverings and new buyers. I'd be fine if it bounces around between 2.2 and 2.4 for now! Still a long way regardless.
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What is your break even on the contracts? I was down about $9k. Gaining some back now.
I'm about the same. NG at 2.45, I'm about $7K down. Not so great, but better than -$16K a few weeks back. I'm looking to sell a call option to offset at least 1 lot (out of 2 contracts), but still far.
The chart pattern looks good. Let's if this thing fades out or holds 2.4 level.
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