Redllipp

Redllipp

Following the theory, the X-A leg is the first leg of the price fall, then follow by the A-B leg up retracing 78.6%, then leg down to B-C leg retrace 38.2% - 88.6% and the final leg is C-D which normally price would go up to 127% or 161.8%. if price follow as I drew, I would enter my long position from the low of C-D leg and take profit accordingly. Please note,...

Redllipp

spotted a cup and handle pattern on the daily chart, which explains why bullish support trendline on weekly tf still hold, and it can potentially back to the top (October high). The fundamental point of view also supports the technical analysis with Russia, US and Ukraine going on. I think this makes perfect sense - and from there we might never see 3.5 again this year :)

Redllipp

if the price breaks to the upside and $4.6 break, I am looking toward $5.3 for profit-taking, and the same as a downside, if $4.3 can not hold, $4.1 and $3.93 will be downside targets respectively.

Redllipp

I mean, based on my analysis, the weekly support bullish line still holds the price and that must be a reason for it. To go back where it was in October, it doesn't difficult at all, if weekly macd turn positive - it could just happen within a week or before the beginning of March ( do not underestimate the power of natgas bull ;)). However, there are always...

Redllipp

if the price follow this pattern - $8 would be mine taking profit

Redllipp

with inflation going on, and the up trend line is still hold, $114 is an easy bet and next would be $120

Redllipp

My bet would be up, I am eyeing the October high ($5.7 -$6.4), as the weekly trend line holds and possibly test the high again. my analysis is based on technical analysis only no fundamental (as the market make no sense)

Redllipp

broke out the triangle, possibly come back and test the support at the trend line, if that hold and the next major tp is $2000 #not financial advice