channal forming if breakout happan with volume go for long.....
NG Long 138 SL Candle below 136 (1Hour) Target 143.6
CUP & HANDLE BREAK OUT ON HOURLY CHART IN NATURAL GAS
The price has reached its lowest resistance and is ready for bouncing back with much strenght until it's reach 2.380; we pay close attention there because if it succed to break above, then we are heading to 2.871
We've been highlighting the bottoming process in Natural Gas for months and now we're finally getting a breakout. Prices stabilized above their 2016 lows of 115, momentum stayed out of oversold territory, and prices are confirming a trend reversal by closing back above the August 2019 lows of 145. As long as prices are above that level, we're looking for further...
The NATURAL GAS price will likely make his support between 1.05-1.15, there is no BUY to be done until this area. Note also that the latest time the price reached the 1.05 was in 1992.
* 2 decades of Horizontal Trendline
Expect to find support at 3.74 level if it breaks 4
huge fall expected in NG Day chart . so , Short Natural Gas around 3.290-3.30 tgt 3.200/3.10/2.90
Usually Ascending megaphones has downward breakouts, while descending has upward. Horizontal is rare case, this usually turn in to continuation of trend. First wave entering in to pattern is downward. So we can hope the price to go downward after breakout from the pattern.
chart says long position in natural gas tgt for 2.90
Explained in chart - MCX NG Buy 193-195, SL 188.60, Tgt 218-236