Long NG on Termination of Trading date

Updated
This is a 5 Day Chart.

On the 27/06/2022 my trade got stopped out @ 6.30 USD

So what is worth mentioning is that the price of NG did not break below the 200 DAY MA on the 1 year chart (as indicated as a horizontal red line on the chart)
aswell as the psychological level of 6 USD (as indicated as a horizontal black line on the chart) during the past 2 consecutive trading sessions at the opening
of the European session on 24/06 and at the opening of the American session on 27/06 (as indicated as 2 seperate orange circles on the chart).

Infact the price of NG even went above the previous day DCB REF PRICE @ 6.22 USD (as indicated as a horizontal blue line on the chart)
as well as above the 200 DAY MA on the 1 Month chart ad went on to hit the psychological level of 6.50 USD (as indicated as a horizontal orange line on the chart)
which also happens to be todays 28/06 DCB REF PRICE

At the time of writing the price of NG is trading above the psychological level of 6.50 USD and also above the 200 DAY MA on the 1 Month chart.

On the 5 day chart I hve indicated the trading period for today with two black vertical line on 27/06/2022 DATELINE I 22:55 and 28/06/2022 DATELINE II 22:55 UCT +2
which will mark the end of the trading session for the July contract. On both DATELINES I have traced the Fibonacci retracement tool to the UPSIDE as indicated in GREEN from the
current day DCB REF PRICE (as indicated as a horizontal orange line on the chart) to +10% of the DCB REF PRICE (as indicated as a horizontal orange line on the chart)
and to the DOWNSIDE as indicated in RED from the current day DCB REF PRICE (as indicated as a horizontal orange line on the chart) to 10% of the DCB REF PRICE (as indicated as a horizontal orange line on the chart)


Besides the breakout above the previous day DCB, just before the previous day close I have noticed this bullish chart pattern starting from 18:00 UCT +2 time and used
the ray line tool to project 3 potential scenarios labelled TRENDLINE I, TRENDLINE II and TRENDLINE III (as indicated by diagonal blue lines on the chart) to indicate where the price NG might close today as those lines
intersect the DATELINE II.

7.55 USD = TRENDLINE I
6.85 USD = TRENDLINE II
6.50 USD = TRENDLINE III

7.55 USD seems too bullish since I believe the Fibonacci level 1.618 on DATELINE II will act as resistance (as indicated by UPPER FIB on the chart)and if not the psychological level of 7 USD
6.50 I believe it will close above the current day DCB REF PRICE

So my trade for today is as follow...

POSITION: LONG
PRICE TARGET: 6.85 USD (TRENDLINE II)
STOP LOSS @ 6.35 (as indicated by LOWER FIB on the chart)
ENTRY POINT: European session opens + 30 MIN
FINANCIAL INSTRUMENT: 3 x leverage ETF tracking NG on the MIB

Good luck with your trading!
Trade active
I have entered my trade position @ Approx 6.50 USD
Chart PatternsTrend Analysis

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