Pattern: Channel Up on 1D.
Signal: Buy on the 0.500 Fibonacci retracement level.
Target: 3.350 (just below the Resistance).
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
We can make the case for this being a rising Wedge Pattern or in terms of the Wave Principle, an Ending Diagonal fifth wave.
Looking at the Wedge pattern, there's nothing wrong here and we can short if price goes outside the pattern.
But there are two problems with this view according to the wave Principle :
1) Wave 4 did not enter wave 1 territory altough...
We will see insane volatility coming weeks. If NG manage to pass 3 that would push it above monthly fibonacci resistance & pivot. That could easily lead to another 230% gain. I same some targets monthly fibonacci 0.5, 0.6 will settle around 8-10 usd. This will be very quick trading, I will look to short somewhere above monthly Ichimoku, that could be anywhere...
Quick observation here. NG traders that are deep into the commodity's technical dynamics agree that Natural Gas is trading on patterns that are cyclical on the very long-term.
If cyclical behavior and seasonality play a big part on this, then why should the month of October be any different? Every 4 years since 2012, NG makes a bottom around March-April, then...
The big question is what is going on with Nat Gas this year???
The December(Z) contract is still coiling up in a wedge pattern and about to reveal the answer.
A closer look at the bullish scenario...
It's looking technically hopeful with the 200 Week EMA, $3.00 level, and the bottom of the wedge all lining up.
Natural Gas continues to show a build up of bullish price action.
Linked below is a previous analysis on the winter contracts showing the target hit DEAD on. Being that winter is not here yet, it's very possible this pattern continues to play out to the upside.
The most recent weather outlook now points to December being the coldest month which means...
This is my first time posting here, hope you find this helpful being my own view:
1- Supply is over the 5 year average.
2- Supply is over last year's when winter was cancelled.
3- We are running out of places to keep the supply.
My view is, this is very bearish for the short term at least, and 2.9-3.0 will still be a major psychological level to...
Time to start looking for another spooky Halloween trade as the latter half of October brings in cold temps.
Prices are now sitting near historically supportive levels and bullishly above the 200 week EMA, with the 50 curling up.
A closer look at the 4hr chart shows prices are coiling up with the RSI in buying territory....
Natural gas broke a downtrend since 2019
Price broke out of the downtrend retested the broken trend and now heading to supply zone
Price formed a uptrend channel
watch price action inside the channel
Watch chart key notes for more clear path
any question feel free to ask :)
The price gapped by 69 cents. Hard to think there aren't whales having fun fleecing retail or something.
I wonder what will happen next with the COT.
Actually we just changed month as we were close to expiry. Damn might have been able to profit from the contango. Still funny to see.
I wonder how many retail gap traders...