On 12.17.22 I thought natural gas may soon turn up at around 5.18. (see link below if interested). Clearly that was premature. It stayed in a down trend until now. A clear example why when something is in a up or down trend you best wait for price action (candle stick pattern, trend line break) to support that a turn around is about to occur. Then you have...
Type: Bearish Momentum Resistance: 627.2 Pivot: 580.7 Support: 424.6 Preferred Case: The H4 price is in a downward trend. The price may drop form the pivot at 580.7, which is in line with the 23.6% fibonacci retracement to the 1st support at 424.6, where the swing and target price of shoulder head pattern is. Alternative scenario: If the bullish momentum...
Type: Bearish Momentum Resistance: 573.8 Pivot: 520.5 Support: 424.6 Preferred Case: The H4 price is in a downward trend. The price may drop form the pivot at 520.5, which is in line with the 78.6% fibonacci retracement to the 1st support at 424.6, where the swing and target price of shoulder head pattern is. Alternative scenario: If the bullish momentum...
Natural Gas continues to push higher in its 5th leg. Normally commodities have their 5th legs extend as shown. Expect Natural Gas to push to over 11 as shown in chart. Extension would satisfy 1.168 blow off top as expected.