In the past week, Natural Gas continued to consolidate towards the $2.70 support area that is highlighted on our chart.
Based on our analysis, we expect the price to continue the pullback towards the second support area located at $2.60 level. After the consolidation is over, we expect the price to increase and hit the $3 area, making a new top.
Trade with...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (2.1). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. NATURALGAS is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
Im going long on Natural Gas.
Gonna keep it updated.
Pm me if you want free access to my free telg group where i post everytime i open/close a possition with screenshot.
I'm bullish in the short-term and through 2020.
- Natural Gas ($2.327) is currently sitting below the 20d ($2.37), 50d ($2.56), and 200d ($2.8) MAs.
- The recent retest of the 13-year falling trendline (orange) should also strengthen bull cases. In 2016 the trendline changed from resistance to support. And most recently in August, Natural Gas bounced off this...
Natural gas has going down in a trend channel from march, but on the daily chart we can see the RSI divergence, so in my opinion the price will breakout this channel and it begins an uptrend.
