Naturalgasusd
NATURAL GAS – Week 9 – Correction almost over.In the past week, Natural Gas continued to consolidate towards the $2.70 support area that is highlighted on our chart.
Based on our analysis, we expect the price to continue the pullback towards the second support area located at $2.60 level. After the consolidation is over, we expect the price to increase and hit the $3 area, making a new top.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Don't miss the great buy opportunity in NATURALGASTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (2.1). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. NATURALGAS is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 65.
Take Profits:
TP1= @ 2.340
TP2= @ 2.518
TP3= @ 2.937
SL= Break below S2
Natural GasIm going long on Natural Gas.
Gonna keep it updated.
Pm me if you want free access to my free telg group where i post everytime i open/close a possition with screenshot.
Strong Support & Favorable Risk-Reward in Natural GasI'm bullish in the short-term and through 2020.
- Natural Gas ($2.327) is currently sitting below the 20d ($2.37), 50d ($2.56), and 200d ($2.8) MAs.
- The recent retest of the 13-year falling trendline (orange) should also strengthen bull cases. In 2016 the trendline changed from resistance to support. And most recently in August, Natural Gas bounced off this trendline with gusto.
- Several converging support levels. There is minimal downside in Natural Gas Versus upside.
Over the short-term, 2-4 weeks, I think $2.55 will be achieved. From there $3.0 will potentially be next. I believe the support at $2.1 and $2.2 will hold over the near-term. I believe $3.8 may be achieved at some point in 2020.
Of course, there does exist risk in Natural Gas. There is a bear case. We could see a sell-off towards the lowest support levels. That would come in around $1.3. If that selloff does come, the signals will be the price action between 2.2-1.9 and a breaching of the white & orange trendlines lower. If this selloff does occur, I expect these lower prices to get bought up very quickly, thus making this scenario a strategic buying opportunity.
I welcome this selloff but I am not waiting for it. I expect the white support lines to be respected and for 3.0 to be achieved in the next couple months.
NATGAS RSI divergenceNatural gas has going down in a trend channel from march, but on the daily chart we can see the RSI divergence, so in my opinion the price will breakout this channel and it begins an uptrend.
