Hey Rule, LNG has certainly come under fire on HC of late, some points justified but others definitely need to do more research, good to see you are still posting and setting the misinformed posters straight! Some great stuff as usual, I continue to learn from every post. Some great entertainment! We can always count on you for that at the very least, your unique posting style always leaves me snickering.
Apologies for late response, I thought I'd entertain the thought of trying to call a bottom. I guess whatever my opinion is it can't be worse than my calling of the top!! Way off on that one hey! Well here goes, looking at the daily chart it's a very hard call so I thought I would focus on the weekly as that seems to be a little clearer and may have more merit but as always my opinion only! Keeping in mind that the correction in the market is no surprise to me and if you have had a peek at my "DOW charts" thread you would know that I am expecting the DJIA to hit the 9700 mark before we see some stability in the market and then a possible next leg up which will more than likely see new short term highs. 9700 on the DOW should also coincide with 1060 on the SPX and approx 4500 on the XJO (right on the 195/200day EMA). Time will tell..
The first chart below is an all time weekly chart, it clearly identifies some crucial support/resistance trendlines that have arguably come into play and would appear to have been respected. Going by this chart it would appear that the bottom (depending on general market sentiment) would be a target of 75c atm. If this level fails then I'm calling 55c and I can't see it falling lower than that.. famous last words!
The second chart shows the price tracking the descending trendline the last few weeks, it has produced "three red crows" which would generally indicate a little more downside coming. The price also broke down through the ascending trendline (yellow) from Nov08 lows which held up the price at 96c which appeared to be a double bottom...
The third chart is a daily, as mentioned harder to identify a bottom here but interestingly enough it the price respects the current descending trendline (green) then it is pointing down at the 55c area also. The lower bollinger band is hanging around the 75c mark so I would expect to see this level hit fairly quickly if the market sees 4500. I'll be waiting there anyway as if it hits this level there will be a bounce and then time to access position. I will have my finger on the trigger if this level is breached and then park at 55c. DYOR
1) All time weekly chart with weekly stochastic
2) 18 month weekly chart with weekly stochastic
3) 8 month daily chart with daily stochastic
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