As you can see on the chart, natural gas has hit a support level and i'm sure a lot of buyers are rolling into the market now. You may buy now but make allowances for the fact that support could get broken.
Please note that this chart is an opinion based chart only. Please trade at your own risk
Natural Gas is so far respecting the 2.530 support on 1W and since last month's bottom has been developing a bullish sequence on 1D (STOCHRSI = 75.364, ADX = 37.193, B/BP = 0.0580). Since it is still largely neutral (RSI = 52.420, Highs/Lows = 0.0000) there will be another chance to buy, for those who missed it, with a pull back within 2.750 - 2.700. Our target is...
We should have finished a 3 wave correction for larger degree wave B and should now look for higher prices for wave C.
This push higher can be counted as a 5waves move, maybe wave 1 of larger degree.
We should now be in a flat ABC correction for wave 2.
Once wave C of 2 is in place around the 50%-61.8% ideally, look to buy and go after 3.0
The count gets...
Twas not a flat, so WTF! Many things pos IMO, many things say up for now, or a bit more down than up... 2 of an impulse, B on ZZ, X of a combo... that sweet wick on wick action in the a/1 is throwing me a bit...anyway some bull div. A bit up pos..or dumparoo $ugaz $dgaz $ung
Good weekend everyone,
Update on NATGASUSD ;
As we can see on weekly timeframe we have a huge 2 year support on 2.58 zone and the natgasusd is on bearish rally since ATH around 4.86 usd, overall weekly this commoditie is BEARISH.
RSI approaches oversold zone and this might be a good opportunity.
Daily chart we see a good support/demand zone around 2.72 usd...
This is the first time I have charted Nat Gas on Tradingview so we are starting with a blank canvas.
We completed a large 5 wave sequence in the first quarter of 2016 and have since bounced in what has been a corrective ABC. This has clearly completed and we are looking at a very aggressive rejection.
Support at 2.3 / 2.5 is approaching but the sustained...