LewisGlasgow
Short

Natural Gas - Bearish Bat

OANDA:NATGASUSD   CFDs on Natural Gas
Commodities peaking my interest this week, we've got a textbook bat pattern on the 4h chart for Natural Gas that's in the final stages of the CD leg.

The measurements for a valid bat pattern are detailed below.

XA Retracement: 0.382 - 0.50
AB Retracement: 0.382 - 0.886
BC Projection: 1.618 - 2.618
XA Retracement: 0.886

There's a butterfly pattern on the 1h chart that aligns with this larger structure, we may utilise this for a lower timeframe entry once the bat pattern PRZ has been confirmed.

Looking to jump on this by the end of next week!

Safe trading everyone :)
Comment: Natural Gas has now confirmed the bearish bat pattern but it completed far sooner than I expected... My advice would be to hold off, don't execute just yet.

Price recently broke out of a 6-7 month long descending channel on the daily chart as shown below.



My initial expectation was a short-term pullback following the breakout, which the bat pattern provides but as of right now direction is not clear. I'm waiting for price to develop further whilst watching the 4h and daily chart for strong indication of a reversal.
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could be due to south african applications being fast tracked? ie increased supply coming from that regoin?
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I believe it will move up starting 11th September
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@qbangash, it's on track just now, too early to tell
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