ForecastCity_ME

NATGAS Update and New Trading Suggestion

Long
CURRENCYCOM:NATURALGAS   Natural Gas
Midterm forecast:
2.200 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 2.200 is broken.

Technical analysis:
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 1.640 on 07/20/2020, so more gains to resistance(s) 2.500, 2.700, 2.950 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 74.

Trade Setup:
We opened 10 BUY trade(s) @ 1.94 based on 'previous Forecast' at 2020.07.29 :

Total Profit: 313 point
Closed trade(s): 109 point Profit
Open trade(s): 204 point Profit

Closed Profit:
TP2 @ 2.00 touched at 2020.08.03 with 6 point Profit.
TP3 @ 2.10 touched at 2020.08.03 with 16 point Profit.
TP4 @ 2.25 touched at 2020.08.04 with 31 point Profit.
TP5 @ 2.50 touched at 2020.08.17 with 56 point Profit.
6 + 16 + 31 + 56 = 109 point

Open Profit:
Profit for one trade is 2.45(current price) - 1.94 (open price) = 51 point
4 trade(s) still open, therefore total profit for open trade(s) is 51 x 4 = 204 point

New Trading suggestion:
. There is still a possibility of temporary retracement to suggested support line (2.330) again. if so, traders can set orders based on Price Action and expect to reach short-term targets.

Take Profits:
TP5= 2.500
TP6= 2.700
TP7= 2.950
TP8= 3.350
TP9= 3.700
TP10= Free

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Comment: NATGAS

Correction:

Total Profit: 364 point
Closed trade(s): 109 point Profit
Open trade(s): 255 point Profit

Closed Profit:
TP2 @ 2.00 touched at 2020.08.03 with 6 point Profit.
TP3 @ 2.10 touched at 2020.08.03 with 16 point Profit.
TP4 @ 2.25 touched at 2020.08.04 with 31 point Profit.
TP5 @ 2.50 touched at 2020.08.04 with 56 point Profit.
6 + 16 + 31 + 56 = 109 point

Open Profit:
Profit for one trade is 2.45(current price) - 1.94 (open price) = 51 point
5 trade(s) still open, therefore total profit for open trade(s) is 51 x 5 = 255 point
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Comments

Excellent analysis. 👌
+1 Reply
ForecastCity_ME yusufipek1989
@yusufipek1989, Thank you! We appreciate your comment.🙏
Reply
I really appreciate your work.
+1 Reply
ForecastCity_ME Josef_anderson
@Josef_anderson, Thank you! We appreciate your comment.🙏
Reply
Very helpful. Thanks.
+1 Reply
ForecastCity_ME Mesutkashmar
@Mesutkashmar, We appreciate your comment.🙏
Reply
Thanks for being accurate almost all the time.
+1 Reply
@Kamryn, We appreciate your comment.🙏
Reply
will ng go up or down
Reply
Nice idea.
Reply
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