#henryhub #naturalgas Double bottom. Spinning top reversal. Buy
Henry Hub Natural Gas
So we have a possible double bottom forming on natural gas. If price fell 8c more on the last low we would have a bullish divergence now. Throw in a spinning top reversal on the 2nd bottom, STO primed for an increase, weak volume and stronger RSI all things point to the sky.
RSI: Relative Strength is 37 on the second low versus 25 on the first. Selling is a lot weaker this time around.
STO: Stochastic has bottomed out and is ready for a jump.
Volume: Has been dropping on this sell off confirming the weakness of this drop.
Target 1: 7.00 (possible 34% return)
Stop Loss: 4.60
So we have a possible double bottom forming on natural gas. If price fell 8c more on the last low we would have a bullish divergence now. Throw in a spinning top reversal on the 2nd bottom, STO primed for an increase, weak volume and stronger RSI all things point to the sky.
RSI: Relative Strength is 37 on the second low versus 25 on the first. Selling is a lot weaker this time around.
STO: Stochastic has bottomed out and is ready for a jump.
Volume: Has been dropping on this sell off confirming the weakness of this drop.
Target 1: 7.00 (possible 34% return)
Stop Loss: 4.60