Great Opportunity.
NG Reaching Critical Resistance with HUGE GAP staring Below.
But Use Tight Stops, as Seasonal Upward Move Tendencies are approaching!!!
My View
Natural Gas Weakly Chart
2 Gap Show Weakly Chart
And Show Head And Shoulder Pattern
Close Above Neckline Fill The Gap
And Touch 4.30 0.....
My View Only Close Above Neckline...
and Any Change Update....Also Time 2 Time
Remember In Prayer
And
Help 4 Every 1.....
And also check my last update on NG. After Channel breakout now trading above 161.8%. So will undergo correction till 3.15, so I am adding my long position now and if correct near to 3.15 will add more for the target of 4.5 in short term.
Keep the stop loss near 3.
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...
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
