Julesdude

Key Trendlines, Support and Resistance Levels in Natural Gas

OANDA:NATGASUSD   CFDs on Natural Gas
Displayed here on the 4h chart are key trend lines noteworthy in NG during the past year which offer suggestions of imminent support and resistance .

What's interesting is how the 200d SMA (blue line here) has merged perfectly with a trendline established 21/22 Sep (red line). The SMA and trend line have acted as a support line and provided a window for NG price trend range - see how the SMA has bound to the trend line as if they were one and the same.

Also interesting is how the Linear Regression channel, shown as dotted lines here, is also well aligned with the trend lines in the same way. Other trend line possibilities I've shown here (yellow and dark red) illustrate potential alternative variant support lines.

The 100d SMA (orange line) is currently holding us where we are now and explains where we have settled today despite a number of attempts at a breakout. If we drop from here, we may look for the 200d SMA level as support - likely within the timeframe provided by the green line. This is likely to fall indirectly and over time rather than suddenly as a particularly cold snap of weather is due to hit the US by the 27th Jan.

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