Natural Gas: Strong long term Sell Signal on a bold Log pattern.

Natural Gas has caught many off guard with the recent rise off August's 2.040 bottom. We decided it would be more useful this time to look on the long term (1W) patterns for clues on the dominant trend.

An interesting pattern that stands out is on the 1W log chart. This shows NG trading within a long term Channel Down since late 2009 with clear Lower Highs and Lower Lows, the trend of which is best explained with the still bearish 1M technical indicators ( MACD = -0.127, Highs/Lows = -0.0041, B/BP = -0.2990, CCI = -57.2263).

It also appears that it is currently replicating the 2015 candle action on 1W which after a Death Cross led to the latest Lower Low of February 2016. Currently we are close to printing a new Death Cross on 1W and the 1W MA200 (orange line) may prove to be the Resistance for the current rebound.

As a result we are short on the long term aiming to take profit within 1.600 - 1.440.

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