Hello friends, it has been a while since I uploaded new ideas on Natural Gas (NG) as I was waiting for the pattern to develop over the past few weeks. As illustrated in the chart, the downtrend line got broken and retested for confirmation. Further, NG has formed a firm inverse H&S pattern with the neckline around $2.75. Breaking the neckline in the coming days/ weeks can lead to massive price appreciation; this can be measured by taking the distance from the head to the neckline which is around 20%. If the breakout to happen, 20% price appreciation from the neckline means $3.43 which is the high from Oct 2020.
For now, I recommend accumulating buy positions with stop loss below $2.3. The targets are identified in the chart for ease of reference.
Please share your thoughts and ensure proper money management strategies. Thanks for the support!
For now, I recommend accumulating buy positions with stop loss below $2.3. The targets are identified in the chart for ease of reference.
Please share your thoughts and ensure proper money management strategies. Thanks for the support!