NatGas is not ready for joining the uptrend again just yet

Short

Erdgas CFD's (OANDA:NATGASUSD)

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OANDA:NATGASUSD Erdgas CFD's

I believe that Natural Gas is in a strong corrective move upwards. It is trying to join the uptrend again. However, it has not completed its total correctional move yet and should re-visit the 2-area since it forgot to do so in its rush on the way up.

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My personal belief is that winter is coming / in has little/nothing to do with the long term movements in price action. News can create short-term fluctuations in price, but price will revert to the pre-set trend.

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I advice waiting before entering short after observing how price behaves @ 23 % FIB lvl. If price fails to make a higher high, I will enter short with stop right above 23 % FIB lvl.

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Took 1 contract short position @ 23.6 lvl since it provides a potential very good entry.

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Entered short december contract @ 3.135. SL @ 3.216 just in case we get a SL spike right above the 23.6 % lvl.

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Got stopped out. NatGas hit the red line which is a gann resistance level. Look like an exhaustion candle. Will observe price-action during the rest of the day and consider re-enter

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Price action is just too strong to advice on a short entry at this point. Sidelines is the place to be.

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