'This chart tells me NG will blast upwards.'

wanderr1 6/12/2011 4:54:23 AM | | 87 reads | Post

Every technical indicator in NG is a contrary indicator. Every breakout can be treated as false and every breakdown an opportunity to accumulate.

It is the Anti-Trader commodity, that can destroy you if you go by technical analysis.

However there is one chart I find very useful:

Commitment of traders.

http://tfc-charts.w2d.com/cotcharts/NG

http://www.pfgbest.com/traders_tools/quotes.asp?page=chart&sym=NGN11&domain=pfg&menuoptions=azo&cancelstudy=&studies=Volume;EXPMA%28200%29;SMA;&density=L&a=W&size=S

Notice how everytime there is peak in speculative bear positions, the price of NG rallies. Therefore the fact that Last thursday friday, we had apeak in ng speculative bear positions WIth a very sharp drop and IMMEDIATE recovery tells me NG is too powerful. This is also the first time that NG has penetraded the 200 DAY ema on the upside and then HAS NOT CORRECTED TO FAR BELOW that level. In fact it has taken support at the 200day ema at 4.55. So I feel this is finally where NG enters a bull market.
-Timu