Natural Gas has completed the 1st Bullish Cycle Wave 1, which was formed out of 5 Waves.
Corrective Wave 2 has started, with Wave A complete and now Wave B is preparing to finalize its move.
Wave C is expected to start and with the end of it, 2nd Cycle Wave will end as well.
Supports and resistances for the coming week.
The double reds can be regarded as zones of severe support and resistance.
The blue; interesting levels in between for price to dance on. Notice, we closed a bit below a strong resistance zone. It would be better for bulls if we closed right above one higher zone, so now it has to work with more space / zones to get ...
I think most of you who were trading Natty in the last few months had mentioned the title at least once or twice.
It's toying with us. So there are 2 options :
1. Get out and find some other vehicle.
2. Try to trade it somehow because the consolidation will be over sooner or later.
Those who follow me for a while know which pill I have chosen.
At the last NatGas ...
Wave E could be completed now and Natty should head up for a while from here leading into the winter
A close above 2.88 will strengthen the upside view
See below for shorter term view
https://www.tradingview.com/x/KXgcPlJq/
We had our convincing bounce from the lower trendline near to the 400 SMA.
I was close to call the bottom a few days ago. But it's still not ready yet.
The last bounce was showing weakness. We weren't able to tag nor the upper trendline of the triangle nor the 200 SMA.
We are waiting for an intermediate low at this point in Natty. A rally out of an intermediate ...
Supports/resistances shown on chart.
Breaking upwards strongly one of these lines, you can take position on testback.
Ideally we shall start straight upwards in a bullish setup
Natgas could be nearing the bottom of E as part of a symmetrical triangle.
If that is the case we could see new highs being printed going into the US winter
Price has spent ages on building a bottom.
In a time where the downward cycle was at its strongest phase, price has managed to make higher highs and higher lows, not letting the nicely built bottom down.
But we should still try to be smart. It is still not the 27th of September. That is the date I want to be long. The 28th of December the inventory report is ...
