On monthly chart, the price action indicates a change in trend. Why is it a Change in Trend: 1. Price action making lower Highs (LH) and Lower Lows (LH) on monthly chart created a downward trend channel. 2. Now the price action made a Higher Low (HL) as indicated in above chart that indicates rejection of lower prices and buyers entering market to control...
Longs Wait till decisive Break of 3.00 on weekly basis. The Triple top could result in a sharp upmove (Bull Trap) & then Down for a correction !!!
Reason : small two wave correction to south to trigger upside spark. Timeframe : Today, around 17.00-19.00 IST.
Bollinger Band -20 Period Moving Average-once crossed by Natural Gas ..We will become sure that its heaading for its last leg in the C-Wave.
Looking for last leg in Natural gas to complete & face resistance at the polarity zone & XX -previous swing.
Natural Gas staying Above 2.590 & Moving Above 20 period MA(shown by pink line) can take NG in the zone of 3.100 to 3.150 -previous swing high of XX -mark where it shall get resistance & if that level holds -then going back below 2.590. It shall start falling in an impulsive leg down. Regards, Abhishek H.Singh, CMT