💡 NATGAS . Weekly Technical Analysis UpdateMidterm forecast:
While the price is below the resistance 3.000, beginning of downtrend is expected.
We make sure when the support at 2.250 breaks.
If the resistance at 3.000 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
While the RSI resistance #1 at 52 is not broken, the probability of price increase would be too low.
A trough is formed in daily chart at 2.378 on 12/08/2020, so more gains to resistance(s) 2.700 and maximum to Major Resistance (3.000) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 42.
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Natgassignals
Don't miss the great buy opportunity in NGASMidterm forecast:
While the price is above the support 1.400, beginning of uptrend is expected.
We make sure when the resistance at 2.250 breaks.
If the support at 1.400 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
The RSI bounced from the support #1 at 30 and it prevented price from more losses.
While the RSI downtrend #2 is not broken, bearish 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) 1.900, 2.000, 2.100 and maximum to Major Resistance (2.250) 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 58.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (1.650 - 1.550). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Take Profits:
TP1= 1.900
TP2= 2.000
TP3= 2.100
TP4= 2.250
TP5= 2.500
TP6= 2.700
TP7= 2.950
TP8= 3.650
TP9= Free
NATGAS Update and New Trading SuggestionMidterm 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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Trade well, ❤️
ForecastCity English Support Team ❤️
