Natural Gas has formed a triple bottom near the 2.55 $ mark and is poised to move higher in the coming weeks. Stop at 2.55 and targets are 3.30 to 3.5 zone.
The down move is looking exhausted. Look for good long setups on lower time-frames, with strict stoploss
head and shoulder pattern in natural gas
Prices are close to PRZ (potential reversal zone) as per harmonic pattern analysis.
Still has upward bias in longer time frames. just looking for good buy setups on D/240 min charts
Natural gas after giving a Evening star reversal in weekly from a supply zone give a structure break in daily. so we can expect a pullback to test the supply zone again at 3.573 if any rejection comes can expect 2.644/2.15 in NG.
Levels are Updated Each Level act as Resistance and Support and vice versa..
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
NGG2017 will give short Breakout below 3.752 it can go to level downside level- 3.648 upside safe level- 3.830
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.
negative trend forrmation
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