Zones and levels or shapes for potential support/resistance forces that might influence this market in the future. Dotted path is an envisioned scenario which doesn't need to manifest necessarily but the overall picture might come in handy if the market shows signs of synchronicity with the design.
Starting off with the resistance met at the cyan rectangle where I have 2 scenarios in mind: reversal, or consolidation and a break. I am more inclined to believe that bullish pressure could weaken here so I marked the spot with a down arrow.
Will provide updates as we go along, looking to see 4 or 5 interesting events at the elements in the snapshot, also looking to see some interesting hits on the icons, preferably with a wave that coincides with their path.
Starting off with the resistance met at the cyan rectangle where I have 2 scenarios in mind: reversal, or consolidation and a break. I am more inclined to believe that bullish pressure could weaken here so I marked the spot with a down arrow.
Will provide updates as we go along, looking to see 4 or 5 interesting events at the elements in the snapshot, also looking to see some interesting hits on the icons, preferably with a wave that coincides with their path.
Note
Still under the zone with confirmed resistance. Let's see if it holds and pushes the price lower.Note
Bearish scenario cancelled with the break followed by a retest and rebound at the resistance zone. Note
Looks to be finding support on the green curve for now. It could be temporary. It might not even matter in this setup, unless you want it to drop so you can catch it at a better price in case this actually ends in the red zone, even though the path will be different than initially envisioned.Note
Not sure if we can talk of a bullish scenario like the white path in the initial "simulation" yet. More signs of support and potential shift in mood would be required. Nat Gas didn't follow the icons path, although the price action and developments near the green curve were interesting... Let's see what happens near this white marked level. The purple zone might be out of reach even if it keeps descending...Note
Looks good for a potential reversal as it met the white marked price level in the zone of the inflection of the icons path, finding support and showing some signs of bullish activity. This needs to hold and beat any potential bearish attempts for it to gather momentum. Note
Double tap and a break of the white marked price level followed by a descent towards the purple where it found support right at the end of it. Don't know if this is the last low nat gas will provide especially as the slim zone is over leaving room for further drop. Overall not confident in this setup. Note
White level too strong for now, acting as resistance after collapsing under the cheap gas weight. Ping pong between the bulls and bears this week and the next might come in handy for the thrill chasers. I don't know if there is a difference in relevance between dotted icons and arrow ones and I cannot confirm if one blue dot will be hit because it looks highly unlikely from the current level.
End project.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.