Natural Gas Support and resistance level for 23.08.2022Plot the the levels in your chart. Draw fib level from support and resistance. Please refer previous day chart for fib level. Fib level range should be 9 am to 11:30 PM.
If price crosses fib trendline(Dash line) will consider as upside break out. If price reject from there will consider to fall below.
if one support or resistance line broken maximum target will be 1.272 or 1.1618 fib level. Moving above 1.618 fib level is very rare scenario.
Natural Gas Mini Futures
NATGASMINI1! trade ideas
NATURALGAS ELLIOT WAVE COUNTSNATURALGAS has almost completed wave B of wave 2, possibly next wave C is ready to start unfolding soon, which can be confirmed by breaking support trendline, which could be aa good trigger point, Once it breaks support trendline then it can slide towards south directions near $ 7.500 zones, where wave C can complete equality with wave A.
Negative divergence in both rsi and macd on hourly time frame
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NATURAL GAS NATURAL GAS is on its all time high resistance
2 possibilities here
1) forming cup and handle so if breakout happen we are are going for long on conformation of retest are targets will be 800-850
2) strong resistance... so if we get rejection with strong candle we are going for short with stop loss on swing high (or all time high) with targets approaching 700
Natural GasNatural Gas:
The storage facilities data in the United States increased by 44B cubic feet vs the estimate of 39B has put some demand concerns previous week.
However, The temperatures in the US this summer remain high with several heatwaves boosting demand for air conditioners.
Additionally, The Freeport LNG has recently agreed with regulators to partially restart operations in October at its shuttered export plant in Texas and said it began to pull in tiny amounts of natural gas from pipelines.
The resumption of flows will likely to withdraw more natural gas from storage and boost exports.
Technically, Natural GAS is positive above 701 for the targets of 725
Natural Gas 1HJust placed my idea in Position drawing.
Red Zone: Resistance or Breakout Zone
Grey Zone: Repeated Hurdles (Support/Resistance)
Green Zone: Support or Breakdown Zone
Note: BUY above Red Zone
BUY at Green Zone.
SELL at Red Zone or Trail at Grey Zone
Just follow the Entry & Exit. Trail SL after 1:1 to Cost + Brokerage.
Also you can ask for my views on any chart.