Short term drop and long term upwards movement for NG.
From Monthly and weekly charts we can see a downtrend.
There is a scenario that NG goes near 1.61 or even at the next resistance 1.47 at the expiration of current contract (March) ,but in low prices like those my preference would be long with re-buy and averaging down potitions at the supports bellow.
Keep in mind that a lot of sell potitions will have to cover at a potential reversal which could enchance the movement.
Our first target is around 1.96 and second target 2.11.
There is a scenario that NG goes near 1.61 or even at the next resistance 1.47 at the expiration of current contract (March) ,but in low prices like those my preference would be long with re-buy and averaging down potitions at the supports bellow.
Keep in mind that a lot of sell potitions will have to cover at a potential reversal which could enchance the movement.
Our first target is around 1.96 and second target 2.11.
Trade closed: target reached:
First TP reached