Ascending triangle pattern is seen in NG (like in crude yesterday), this implies buyers are in control. The price comfortably closed above the triangle's top (1.730 zone). Buyers can push the price higher from here till next supply zone of 1.825 to 1.850. Post which they would take a breathe or rest - will be decided later. As of now, its a temporary buy. Carrying...
* 2 decades of Horizontal Trendline
The down move is looking exhausted. Look for good long setups on lower time-frames, with strict stoploss
Still has upward bias in longer time frames. just looking for good buy setups on D/240 min charts
Last week's price action was shaky and scary. But i am still holding on to my bullish opinion. Looking for Buy setups in smaller Timeframes
After the successful retest, no harm in getting bullish Natural Gas. Seasonal tendencies are Favourable during this time. BUT one thing that is concerning me is Commercials getting Bearish. But that can happen and its OK. Still my advice is to keep a strict stop loss and TRAIL it.
In Continuation with my Last weeks commentary, I am patiently waiting the test of the Breakout AREA. However keep in mind, The intensity and structure of the test will be very crucial before taking a decision to go Long. But Seasonal s and Technical s Favour LONGS. Happy Trading NG!!!
For coming several weeks, i will advise to trade NG on Long Side. Albeit with a good entry method and a strict stoploss.
Stay Away for a While. If not prefer shot side with strict stoploss
If the Pink Area Holds & Stops the Down Move, NG may present some VERY GOOD BUYING Opportunity Here.
Great Opportunity. NG Reaching Critical Resistance with HUGE GAP staring Below. But Use Tight Stops, as Seasonal Upward Move Tendencies are approaching!!!
Description on the chart itself. Happy trading Regards Raj