NATURAL GAS TESTING THE 7 YEAR HIGH RESISTANCE
Updated
Natural Gas has reached 7-year high resistance on 28th of September. As soon as reached that level a major 16% correction noticed in just 3 days, which found a resistance at the bottom of a symmetrical triangle.
It's been following that descending triangle since then.
Key date is today or tommorow to see if the uptrend will continue or we will see a trend reversal.
Here are the scenarios:
LONG:
If price breaks above 50% of the correction retracement (appr. 5.85) then we expect to retest the 7-year high. Just wait for the break to be confirmed.
OPEN POSITION: 5.85
STOP LOSS: 5.7
TAKE PROFIT: 6.1 minor OR 6.35 major
SHORT:
If price break below the bottom of the triangel (appr. 5.65) then we expect the price to retest the bottom of the correction at 5.30
OPEN POSITION: 5.65
STOP LOSS: 5.7
TAKE PROFIT: 5.6 minor OR 5.3 major
It's been following that descending triangle since then.
Key date is today or tommorow to see if the uptrend will continue or we will see a trend reversal.
Here are the scenarios:
LONG:
If price breaks above 50% of the correction retracement (appr. 5.85) then we expect to retest the 7-year high. Just wait for the break to be confirmed.
OPEN POSITION: 5.85
STOP LOSS: 5.7
TAKE PROFIT: 6.1 minor OR 6.35 major
SHORT:
If price break below the bottom of the triangel (appr. 5.65) then we expect the price to retest the bottom of the correction at 5.30
OPEN POSITION: 5.65
STOP LOSS: 5.7
TAKE PROFIT: 5.6 minor OR 5.3 major
Trade closed: target reached
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.