Natural Gas: Downside Price Action Might Be Heating Up
Comments on the chart
Comment:
Uptrend support line has gone today. The real test is a break of 2.600
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2.600 has ben tested had broken. Looking forward to shorting this commodity hard
Comment:
2.600 has gone. The downside idea is confirmed. Initial targets - if we take the pattern on the chart to be a confirmed 123top then target is 2.200. However if we are looking at the whole prior upmove to be a large retracement then we could expect much lower prices to below 1.600
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Retest of the breakdown zone? Still bearish
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Retracement may have ended here and the downside may be resuming. Would like 2.690 to hold and 2.510 to give way for this idea to continue to hold water
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Nice upmove today. I say so myself despite me wanting the opposite to happen. Now today it put in a bullish engulfing candle which always make me sit up and listed. Still looking for 2.520 to break
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Price has not moved down as expected. Right now it is at old resistance levels. A break above there puts 3.00 in clear view.
Comment:
Possibility of a Double top here so the bearish idea is still in play...