Re: [RT] ira on natural gas?

["Ira" <mr.ira@xxxxxxxxxxxxx>]

AS you are looking at multiple charts I will look at it that way also.  there is nothing on the weekly that says higher at the moment. There is 5.50 support there but price would have to hit 6.65 for any chance of a rally.  If that price is hit you could look for 7.85 and then 9.00.

 

The daily doesn't show any upside potential at this time I have support at 5.55 with a target price of 5.24.  If 5.24 is broken you can look at 5.00 support and a target of 4.55. There is still downside pressure on price here on the daily.

 

Your best hope for a rally right now would be the 60 min chart.  If the 5.75 low holds price would have to hit 6.10 to be a buy and then you could expect resistance at 6.30 and if there is some momentum the move you could get to 6.52.  This still doesn't trigger the by on the weekly chart. Any up move here is fighting some major downside pressure at this time. 

 

some mild upside pressure is starting to show on the monthly but for a major upside move to start price would have to hit 9.00. Now 6 to 9 is a nice trading range without generating a major buying opportunity.

 

This doesn't bode well for CHK.  If this 28.75 support doesn't hold then comes 28, 27 and if 26.5 doesn't hold, bingo 25 and 22.  There is currently some downside pressure here, but there appears to be some good support above the 26.50 level.

 

I never try to guess at tops and bottoms.  When I would get an entry price, then I would trade.

 

Hope that this helps.  Once again, just one mans opinion. Let us see how this one turns out.  Ira.

 

 

----- Original Message -----

From: c.l

To: realtraders@xxxxxxxxxxxxxxx

Sent: Monday, July 17, 2006 11:16 PM

Subject: [RT] ira on natural gas?

ira,

 

it would be great if you could find time to share your opinion on natural gas.

i'm looking for a breakout from the big wedge, to see in the weekly and daily chart.

on the weekly chart you can see also multiple divergences ( on mostly any indicator i guess).

 

of course anyone is encouraged to share his opinion for a discussion

thanks

carsten

 

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