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.
NATURAL GAS is printing falling wedge pattern on the monthly timeframe.
Price bounced off the falling wedge support and is heading the resistance level.
Possible LONG price actions are indicated on the chart
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...
Natural Gas could continue in this bullish channel however, I would like to see it pull back into this support level before going long again. You need to remember Natural Gas is a seasonal commodity and generally around winter time is when it will be utilized to combine that with another potential lockdown here in the UK could see people stuck indoors for longer...
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...
A nice long potential here. After the bullish impulse from the low areas, now the market is forming an expanding flag formation. Our job is to wait for the market to test the bottom of the expanding flag as shown, and if its holding wait for the bullish price action to jump in the market. First target the top as shown in the chart, if this is breaking extend your target.
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...