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Realtraders,
The AMEX Natural Gas Index (XNG) may have put in a bottom, as prelude
perhaps to a tradable run up. Nature's Pulse Autoscan projected 8/5 - 8/7 as
the time frame to watch for an energy point, which looking solely at price
might lead to the conclusion of a mini-top having formed 8/7.
However, momentum indicators seem to have formed a divergence with
price by bottoming circa 8/5 as prelude to price bottoming 8/11.
Additionally, the ratio of the XNG to the SP500
broke a downtrend line, bolstering the conclusion
of a further rise from the 8/11 bottom.
A close below the 8/11 bottom proves this analysis wrong.
A close above the 8/7 high might presage a significant further rise.
We may be in for a cold, wet winter and spring as La Nina takes effect;
fundamentally speaking.
Apologies for not recognizing the previous RT who's post first
drew my interest here.
Presented only for discussion, not a trade recommendation.
Best results in all your endeavors,
Rory Lewellen RL2946@xxxxxxx
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