- Messages
- 735
NG analysis for October 29. Rejection from the 1/2 zone to the downside
Natural gas failed to break the 1/2 level, yet it did not provide a false breakout signal either; there was no penetration above the level, and we have once again been rejected from the marginal zone.
Currently, there are no actionable signals at these levels. Moving forward, the following setups are worth considering if prices approach these areas:
1. The 2.85 area (December futures). This aligns with the 3.00 strike premium level. A trade here would require a tight stop-loss.
2. A stronger support level at 2.75 (December futures). This is a significant strike based on open interest; furthermore, it represents a full margin move from the highs near the 1/2 level that we have just rejected.