Natural Gas - Bigger correction in this area?
Hello traders,
Today we will do an analysis for NATGAS. This commodity is in a big downtrend on the daily and weekly timeframe that started in August 2022. For now the higher probability move is a bigger correction in this area. On the 4h timeframe we expect the price to move to the upside and break the previous local high that it made on the 3rd of March. Once it reaches the area of the magenta rectangle marked on the chart we must see if we will have a continuation to the downside or it will continue making a bigger correction (upside).
Another possible scenario is a move to the downside that coincides with the 70,5% Fibonacci retracement and then a move to the upside to break the local high.
Please don't jump in, wait for your setups, no matter what, and don't risk more than 1% of your capital.
Today we will do an analysis for NATGAS. This commodity is in a big downtrend on the daily and weekly timeframe that started in August 2022. For now the higher probability move is a bigger correction in this area. On the 4h timeframe we expect the price to move to the upside and break the previous local high that it made on the 3rd of March. Once it reaches the area of the magenta rectangle marked on the chart we must see if we will have a continuation to the downside or it will continue making a bigger correction (upside).
Another possible scenario is a move to the downside that coincides with the 70,5% Fibonacci retracement and then a move to the upside to break the local high.
Please don't jump in, wait for your setups, no matter what, and don't risk more than 1% of your capital.
Comment:
The pair tagged the low at 62% once again and made a reaction to the upside. The move to the upside is still valid. Let's see how the structure is evolving.
Comment:
Watch the trendline guys. Let's see if we break it and we go for the push to the upside.
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