NG1. Natural Gas may Double-top at important resistance
Updated
NG1 futures may top as soon as this week and have an important correction. There is an important resistance level at 3.50 area which is a match of one of two gaps left to close and a 141% Fibo extension of a current bullish run. Also, if a weekly candle closes below 3.36 , it would create a double-top patern which is highly bearish.
If the 141% level is not broken on a weekly level, it may mean a Cypher pattern drawn on this board is completely valid and next target to which we would get is 2.195 area.
If the 141% level is not broken on a weekly level, it may mean a Cypher pattern drawn on this board is completely valid and next target to which we would get is 2.195 area.
Note
In theory, natural Gas and oil should reverse together and currently both are very close to the targets...Trade active
Shorted 3.505, SL: 3.70. TP1: 2.80, TP2: 2.200Note
Moving short to breakeven, for now +3%Trade closed manually
Posting new chart
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If there is no strategy that has proven itself successful, please do not trade with real money!
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