NATGAS - Possible pullback for short termGood evening traders,
Quick one at NATGASUSD
First as we can see overall the price is too damn low, we have for example the "Apache corporation" on the US to reduce their production, of course a big reason for that is the low number of pipelines that are not the be done before end of 2019.
Ok to the charts,
Weekly (left) we see natgas coming closer to a historic support level on 2.42 and RSI is almost oversold.
H4 (right) we see price moving sideways after a strong sell off and now we have bullish RSI divergence.
Therefore we might expect natgas to do at least a pullback on the short term.
First resistance level is at 2.70 where price showed a lot of indecision before and soon we will have H4 200 SMA there.
For long term if we have good fundamentals for this commoditie 3.10 will be a very interesting target level.
Good trades.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
