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GAS Fibonacci Retracement - Long Trade

Long
OANDA:NATGASUSD   CFDs on Natural Gas
Gas Fib Retracement - Long Order

Entry: $2.407
TP & RR: $2.549 (3.38)
Stop Loss: $2.365

REASONS FOR THE TRADE

So far Gas has respected the Fibonacci levels twice, leading me to believe that we may see a bounce from the 0.236 level and a potential reversal. We also have a descending trendline, which I am not sure how well will be respected, but it's worth keeping in mind. The Stop Loss is set at a reasonable distance from the Fib level and the target is at the 0.5 level. Although, if a reversal follows from 0.238, we may keep at least part of our position for higher levels.

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