NG1. Natural Gas may Double-top at important resistance

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