Natural Gas

FOREXCOM

:

NTGUSD

As you can see on the chart, this strong support line marked in red has 4 monthly wicks coming into contact with it and all being rejected above the 2.74 level marked in blue. No different for this months candle imo, TP @ 2.7 - Positions opened @ 2.56 and buying any dips

Good support on NTGUSD - long positions added in support area, rejected like previous tests

Price constant between support of 3.026 and resistance at 3.200. However weekly support overlaps monthly trend so expect price to break resistance by the end of the week and use fibonacci level as support.

We can see that we have broken that triangle that we were forming for quite a while. I believe that this is now aiming for higher levels. Ideally I would like to see a re-test of the downward trend line from the top and then head higher. But that's ideally for me. Also, a good scenario would be to see a close on the Daily and then the Weekly above 3.157...

.Nat Gas has nearly finished its H&S pattern Downtrend could continue

There's a head and shoulders pattern forming on Nat Gas. As the formation is part of a downtrend, it's bearish.

H&S pattern forming on weekly Nat Gas. Bearish formation in a downtrend.

Ok... This one is interesting. Your typical text books formation. But, the Right Shoulder has not been confirmed yet, so it might not form it in the end. Be careful. If it will close above around 3.30, then it won't be H-a-S. But if it will want to push lower, then I would be really happy to see it go to 2.80, 2.60 and we're very lucky, 2! But this just an...