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...
Multiple fib confluence level, along with unfilled gap just above the level, makes a very goos spot for the price to attract.
Observation: When planets goes sin lockdown the price of NATGAS moved up, as consumption goes up. This happen previously during 1st lockdown in UK.
While the price is below the resistance 3.000, beginning of downtrend is expected.
We make sure when the support at 2.250 breaks.
If the resistance at 3.000 is broken, the short-term forecast -beginning of downtrend- will be invalid.
While the RSI resistance #1 at 52 is not broken, the probability of price increase would...
2.200 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 2.200 is broken.
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would...
While the price is above the support 1.400, beginning of uptrend is expected.
We make sure when the resistance at 2.250 breaks.
If the support at 1.400 is broken, the short-term forecast -beginning of uptrend- will be invalid.
The RSI bounced from the support #1 at 30 and it prevented price from more losses.
While the RSI...
. While the price is above the support 1.550, beginning of uptrend is expected.
. We make sure when the resistance at 2.250 breaks.
. If the support at 1.550 is broken, the short-term forecast -beginning of uptrend- will be invalid.
. While the RSI downtrend #1 is not broken, bearish wave in price would continue.
. A peak...
bulls keep pushing natgas to higher levels of structure.
I want to short the market from 2.86 level.
Stop will lie above the underlined zone of supply: 3.06
Targets are based on structure:
Natural gas is on its way to a major structure resistance area.
For many days bulls keep pushing the market without any pullback and
I believe that we will see a retracement from the identified area.
I will be looking for a reversal formation on a lower timeframe to sell the market.
Target level will be 2.5
NG broke out of a symmetrical triangle in textbook fashion. I'm long from the break out and targeting the resistance line in a larger channel formation, although I took some profit today.
I'm an optimist by nature, and I'm glad to be long something in my portfolio.
A simple chart showing the downtrend of NatGas since the peak of Dec, which is the norm as winter days started to decline.
However the weather becoming bearish so quickly has resulted in a steeper decline. I believe we will decline until early March.