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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LNG1! trade ideas
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.
Naturalgas level not changedThere is no change in yesterdays level since market halted above buy zone and immediate sell channel very near.
Note: Always try to find a good price action patterns or any candle stick patterns in marked zones in smaller timeframe to take entry with small stop loss. If you follow diagonal trendlines you can take entry and exit easily.
(Color code (only for diagonal trendlines ): green - bullish , red - bearish , black & violet reversal points). If any doubt for take entry in price action patterns, please ask in comment box, i will try to help.
Disclaimer: Im not tip provider and this chart is not indented to take trade in my levels, It is shared here for learning purpose. It is all your own risk.