After the a nice re bounce from the supporting zone (below 2.0), Natural Gas formed the double bottom pattern, thus I am looking for the consolidation and re-enter the market.
Market Structure: Bullish trend
Time frame: Daily trend, a nice retracement to Fib 61.8 level.
Entry point: around 2.20 - 2.22 zone.
Exit: below 1.98 level.
Target: 2.6 -2.7 ( next level of expected resistance).
Risk and reward: 2 to 2.17
Fundamental outlook: Commercial Long is back in this energy like Oil and DXY will continue to drop ?!
Thank you very much for all comments and supports.
Market Structure: Bullish trend
Time frame: Daily trend, a nice retracement to Fib 61.8 level.
Entry point: around 2.20 - 2.22 zone.
Exit: below 1.98 level.
Target: 2.6 -2.7 ( next level of expected resistance).
Risk and reward: 2 to 2.17
Fundamental outlook: Commercial Long is back in this energy like Oil and DXY will continue to drop ?!
Thank you very much for all comments and supports.
Trade closed: target reached:
Taking profit, target is reached nicely.