Natural GAS Long term analysis
Updated
NATGAS is trading in a declining wedge since Nov 2019. Also on the shorter time scale its showing bearish trend as can be seen on the chart. Seems like its about time for it to break out of both. Here's my trade setup-
Wait for close above 1.834 on the daily chart
Buy on retracement at 1.73
Entry 1.73
SL 1.434
TP1 2.027
TP2 2.244
The trade would be invalidated if it breaks the wedge in the opposite direction or doesn't follow the expected direction as suggested.
Wait for close above 1.834 on the daily chart
Buy on retracement at 1.73
Entry 1.73
SL 1.434
TP1 2.027
TP2 2.244
The trade would be invalidated if it breaks the wedge in the opposite direction or doesn't follow the expected direction as suggested.
Note
NG is following the original trajectory. wait for the breakout and then pullback before entering into buy positions.For bears, you may place orders with SL outside the wedge and target as wedge's support, i.e. ~1.4
Note
TP1 reached. You may take half the profit and move your stop loss to breakeven. TP2 is also close.
Trade closed: target reached
All targets met.
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