Sorry Sive i repost it here to make it easier to follow
Great stuff, Tchurik. I haven't traded NG for a long time already... But I remember that it is very cunning market, strongly depends of different seasonal stuff, storages dynamic, weather etc.. Sometimes, action there is absolutely unexpected. Interesting to see what will happen, keep us informed.
BTW, it is some cold comes to EU, maybe your DRPO will work...
Haha thanks for your support Sive, i guess that's always winter somewhere in the world!
But yes there's a big seasonality and the first two months of 2023 combined were among the three warmest on record for that period going back to 1895!!
Fundamentaly i expect prices to increase in result from rising demand from
LNG terminal, and seasonal increases in natural gas demand in the electric power sector. In addition, natural gas production will be relatively flat for the rest of 2023 as producers reduce drilling in response to lower prices.
But what is most interesting is the technical view. For now it is not very sexy, but we're taking about a weekly DRPO which is a very powerful reversal pattern. There is a big level below around 1,85/1,90, yet i am slowly getting in now.
I'll keep posting about this to see if the pattern is forming or not.
For those who could be interested by such a plan, i recall that the trend is massively bearish, and that it could take some time to form the pattern but as i am doing a impressive performance with gold (thanks to you Sive), i can afford to take risk here.
So yesterday we had the reaction i was expecting, even better, with the formation of an Island Reversal that could confirm the double bottom on the daily chart.
I took position as i said here yesterday, and will complete this buy once we will have a close above the weekly 3x3
Let's see how all this will develop...
