Natural gas trend will go down till support line of aroud 2.165, then, it will go up. What do you think about that?
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. DISCLAIMER Please note that this chart is an opinion based chart only. Please trade at your own risk
Trade setup for Natural Gas Confluence - Daily Mid range entry - Demand Block
NG has reached our previous TP = 2.900 and now faces the Resistance of the High extreme line. 4H is a Channel Up but has reached near overbought levels (RSI = 69.332, STOCHRSI = 92.540, Williams = -19.847) with 2.881 its support/ Higher Low. This is expected to break and move to the Higher Low of the proper 1D Channel Up (RSI = 65.173, Highs/Lows = 0.0691) near...
The price is on a 1D Channel Up (RSI = 57.179, Highs/Lows = 0.011). As seen on the chart a Higher Low needs to be price and we have two scenarios for that: soft support at 2.765 and hard support at 2.740. We will use both spots as long entries for a potential Higher High TP = 2.900.