Technical Analysis:
- Natural Gas is in a weekly edging buy area and any moment it can bounce once wave (5) in blue will be done
- Anyway, the big probability with actual data is that a small extend could happen in the wave (5)
- H1 right side is turning down
- H4 right side is down
Technical Information:
- If you're a position trader or long term...
It was last September (2021) where I first starting calling for a market top on Natural Gas, which at the time seemed odd to the majority of the energy market participants as it was coming off a very aggressive 6 month rally. It wasn't odd though based on NG's long-term, multi-year cyclical behavior as I accurately displayed on the following chart:
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Pattern: Triangle on 1D.
Signal: Buy as the price has rebounded on the 1D MA200 (orange trend-line) and formed the 1st Higher High since February 17. After a Higher High, a rally was always followed since July 2020.
Target: 3.140 (the 1.618 Fibonacci extension ).
Most recent signal on NG:
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Pattern: Triangle on 1D.
Signal: Buy as the price has found support just above the 1D MA200 (orange trend-line) and within the 8-month Higher Lows Zone (green). The RSI also hit its own Support Zone.
Target: 3.140 (the 1.618 Fibonacci extension).
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Pattern: Channel Up on 1D.
Signal: (A) Buy as long as he price trades above the 1D MA200 (orange line) (B) Sell if it breaks below it.
Target: (A) 2.700 (right below the Resistance) (B) 1.650 (right above the Support).
*Note: the RSI is near its 1 year Support Zone. Only once this failed to initiate a bullish sequence.
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Pattern: Channel Down with underlying Bearish Megaphone on 1D.
Signal: (A) Bearish if the price breaks the MA50 (blue line), (B) Bullish if the price breaks above the red Triangle.
Target: (A) 1.500 (just above the Support), (B) 2.140 (projected contact with the MA200 (orange line)).
Previous successful Buy Signal on Natural Gas:
