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Natural Gas

Is Natural Gas Ready to Complete a "Head and Shoulders"?Natural gas started to make the head and shoulders pattern on the daily timeframe. First of all, let's understand some basics about the head and shoulders pattern. Here, it's a bearish head and shoulders pattern. In this pattern, the trend starts with the uptrend and makes the left shoulder, head, and the right shoulder. And after the completion of the right shoulder, it falls by breaking the neckline. In this chart, the trend completed the left shoulder, and the head is almost there. And then it will create the right shoulder. It will fall up to the neckline to complete the formation of the head. And the targets to reach the neckline are as following 180 - 175 - 168 . After hitting the neckline, the next step of natural gas will be the right shoulder. As per the rules, the right shoulder can be similar to the left shoulder or, it can be at a higher level than the left shoulder. Because the left shoulder is at 203 , the trend will march again to 203 to make the right shoulder. To reach 203, natural gas will hit 180 - 190 - 200 . And then the trend will take reversal and fall by breaking the neckline. Targets: 195 - 185 - 175 .
MCX:NATURALGAS1!
by freestocktips
💡 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. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
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by ForecastCity_ME
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