NG1. Natural Gas may Double-top at important resistance

NYMEX:NG1!   Natural Gas Futures
306 9 9
NG1 futures may top as soon as this week and have an important correction. There is an important resistance level at 3.50 area which is a match of one of two gaps left to close and a 141% Fibo extension of a current bullish run. Also, if a weekly candle closes below 3.36 , it would create a double-top patern which is highly bearish .

If the 141% level is not broken on a weekly level, it may mean a Cypher pattern drawn on this board is completely valid and next target to which we would get is 2.195 area.
Comment: In theory, natural Gas and oil should reverse together and currently both are very close to the targets...
Trade active: Shorted 3.505, SL: 3.70. TP1: 2.80, TP2: 2.200
Comment: Moving short to breakeven, for now +3%
Trade closed manually: Posting new chart
Getting ready for the short of the year. Entering at retest of 3.50
+1 Reply
@htgroup1, it looks quite shortable, yes! =)
First resistance at 3.508.... waiting for retest.
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Shorted as well via DGAZ. In at 4.25 SL 4.00 TP1 5.34, TP2 5.92, TP3 6.48. Good luck!
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@htgroup1, thank you, Sir! Let the Market Force be with us!
Moving nicely. Bounced off of the upper channel and looking great.
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@htgroup1, eventually! NG has a huge volatility, which, multiplied to a margin os something like 1:125, makes it really expensive toy =) But possible gains are also amazing!
Well done - OIL chart has an slightly analog structure too ...
Maybe are the GAP from then and the GAP last days are something like breakAway indications !?
How ever GOOD JOB :)
+1 Reply
@4XSetUps, thank you! =) In the end, today it set a Higher High and a Higher Low, despite the candle was quite red at some moment. It may go higher next week but shouldn´t go much higher than 3.6-3.7

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