Has had nice bounce off of 50ma past couple of days. It helps to keep watching some of these older trade ideas. 

I agree with you, it does seem that way sometimes here, that everyone looking for a reversal instead of continuation. However several of us were talking about yesterday about NG and a lot depends on whether you're trading the futures or a stock/ETF. If you're playing a stock then I've found it hard to trade short term charts, ie 5-15 min on commodity based products, because they can be rather volatile based on the underlying, so I tend to play 30min - 4 hour charts if playing those because most commodities do tend to trend for a few days generally unless you're at an inflection point. SEe DGAZ 30min - could have bot when it broke the 50ma last week for a really nice trade. But I'm not interested in buying it here.

Natgas had a couple of opportunities to short today, see chart below. However the first opp, when it took out yesterday's and overnite low was right before inventory was released and no one here is that crazy to hold into on oil or NG inventory number, that was the big spike down to S2 at 10:30. The only other opp was on re-test of S2 at 1:50 and notice no divergence up there, so you'd basically been hoping.

As far as looking for a bounce, well it is down nearly 25% in less than 10 days, historically going into Winter not the time you want to be short though generally most the upward action comes after Xmas. And it's sitting right on 200ma and regression line on the 5 year weekly. Will they hold and it bounce from here, who knows. But the point I'm trying to make there wasn't any really good signals today for a short

NG moving into support area, which coincides with the S1 pivot.  UNG 19.37-19.42 pre-mkt. Not sure I'm liking this action however with no major weather fronts moving in for a swing. Futures may offer short term scalp here however if a shorter term chart sets up. Next decent support area is on daily around 3.745 ish.

USD has been trying to take out 89 past few hours. had nice little BO earlier. Some negative divergence on this last try.

 Natgas chart

Pretty strong support area coming up soon. Has horizontal plus regression line and 2 times standard deviation. Where I'm looking to try some at white rectangle. Will start nibbling once it starts getting close, Want to wait till it at least gets to 2 deviation line tho. As you can see reacts well to all usually, rare when I get combination of all 3.

Oil production Costs

Amazing chart -scroll down -  the breakeven price for every international oil company project through 2020

For the US markets being closed, the futures and forex market have made up for it. Oil, already weak prior to OPEC formal announcement at 10 this am, plummeted to 67.75 before bouncing slightly to 69.05 to close down almost $5 for the day. There is some support on weekly charts between 65 and 68.50 but before anyone gets too froggy on trying to catch a bottom, suggest that you may want to re-visit the charts from 2008 when oil fell $70 in about 3 months. !0 year weekly chart

The USD had a good day and between it and oil price, made for a huge gain against CAD. Realize that Canadian Oil typically sells for about $15/ per barrel less than WTI, so falling oil prices are really starting to have some effect on the Canadian economy, especially the Western areas. Most of the newer projects in Canada have costs in excess of $90/barrel and at $60 even the older projects are marginal.

Natgas has been pulling back all day and closed sitting on some support here at 4.23ish but short term trend has been down past 24 hours.

Index futures, after selling off some during the night, recovered and closed at their highs.

Gold closed right at 1190 after trading most of past 24 hours in a $10 range.

Gold was just starting to perk up a little right before too. Thought about trying a scalp short on usd at 88, right at R1 here and high from yesterday, but think I'll go to bed instead, before I do something stupid.

Futures up strong. Asia was up and European markets up. ES just hit new high of 2057.75 - right at R1

Huge move up for it tonite

Heck of a move today. 

If we can take this out might be off to the races

Natgas perking up some today too. Trying to buy some UNG pre-mkt. Darn greedy sellers won't take my offer. LOL

My idea of a perfect entry point on the futures- Came back down and bounced right at my Horizontal line, up trend line, 1 deviation line and 50ma. Unfortunately I was about 60 seconds too late. Obviously should have chased it a little, but trying to be more patient as I get older. 

I like it when you're posting intraday charts, because if I'm busy trading several things sometimes I miss some of the easy ones.