Natural Gas Breakout From Trendline
Updated
Natural Gas (4-Hour Timeframe)
Pattern Formation:
Falling Trendline: Price is testing the descending trendline, signaling a potential breakout.
Supply Zone: A supply zone is visible around the 277-281 levels, where price action could face resistance.
Support: 259-260 zone, acting as a strong base.
Immediate Resistance: 277-281 supply zone.
Targets Upon Breakout:
Target 1: 276
Target 2: 279
Target 3: 281
EMA Support: The price is holding above the 55 EMA (266.7), indicating potential bullish momentum if sustained.
Outlook: A break and close above the supply zone could trigger a bullish rally.
Failure to break the trendline might see a retracement back to the support zone.
Risk Management:
Stop-loss should be placed below the 260 support zone for bullish trades.
Disclaimer: This technical analysis is for informational purposes only and is not financial advice. Always trade responsibly and manage your risk effectively.
Pattern Formation:
Falling Trendline: Price is testing the descending trendline, signaling a potential breakout.
Supply Zone: A supply zone is visible around the 277-281 levels, where price action could face resistance.
Support: 259-260 zone, acting as a strong base.
Immediate Resistance: 277-281 supply zone.
Targets Upon Breakout:
Target 1: 276
Target 2: 279
Target 3: 281
EMA Support: The price is holding above the 55 EMA (266.7), indicating potential bullish momentum if sustained.
Outlook: A break and close above the supply zone could trigger a bullish rally.
Failure to break the trendline might see a retracement back to the support zone.
Risk Management:
Stop-loss should be placed below the 260 support zone for bullish trades.
Disclaimer: This technical analysis is for informational purposes only and is not financial advice. Always trade responsibly and manage your risk effectively.
Trade active
First target done, made high of 277..
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