NATTY down for a breather NATTY is extremely overextended and finds itself on the 0.5 Fib retracement after accumulating a substantial bearish divergence on the 4hr.
After breaking out of the cup & handle, it has yet retested those areas which it will IMHO.
NATTY often peaks in the middle of May which is often followed my strong consolidation into May, before it really gets going in June/July.
NATURALGAS trade ideas
Natural Gas: the monster tradeNAtural gas has broken out of a powerful base.
We have seen some stellar price action over the last couple weeks.
A short squeeze in the making could be brewing.
s we approach some heavy daily and weekly resistance, you may see some profit taking ahead of the next leg up.
The daily 200 MA & weekly 50 MA should be respected until they're broken.
Watch Out for Natural Gas PullbackSince February, the price of natural gas has increased by more than 50%. It seems plausible that this upward trend will not continue at this pace, especially with the warmer season approaching. Seasonally, it's worth noting that natural gas often experiences cyclical highs in the spring, which are rarely sustainable. Based on this premise, supported by technical signals such as a clear bearish divergence in the hourly to four-hour time frames, we are initiating the short trade shown here with an acceptable risk-reward ratio of around 1.5:1.
NATURAL GAS - Important Breakout ๐
Previously, The Natural Gas Formed a Bullish Falling Wedge Pattern.
On Monday 6 May The Price Broke The Resistance Level (1.973 - 1.893).
Currently, This Key Level is Broken and Becomes a New Support Level !
So, I Expect a Bullish Move ๐
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TARGET: 2.140๐ฏ
25% Bullish Move for NATTY?Natty has reached the lows of Feb - 23 and has retested with some bullish intent.
There's also Bullish Divergence on various timeframes inc. Daily, 4hr, 2hr, 1hr as well as a Monthly on if it holds at these levels for a couple of months, from which we could see a major move up.
Taking the 0.618 fib levels as TP which also retest a previous support level.
Following this bullish move I expect at least a double bottom before going back up again.
Breakout from trendline. Upwards now ๐
Breakout from trendline. Upwards now ๐
We have mapped upside price targets in case the resistance lines are broken. If price gets rejected at the resistance line then price is expected to retrace back to the breakout point and then bounce back up
If it holds we have expect price to bounce towards upper resistance lines and ascending Fib price targets.
Are you buying?
NATYY Bullish H&S StructureQuite clear H&S shoulder pattern has developed on NATTY which began accumulating at the beginning of March of this year.
The green rectangle is the base of the massive accumulation zone which has acted as support previously, now turned resistance.
There's been 2 prior attempts at breaking through, on the third, it broke but wasn't able to hold.
The target is c15% increase in price and also takes us to the gap on 22nd Jan - this was calculated using the distance between the top and bottom of the cup.
GOOD LUCK!
NATURALGAS - Blow Off PhaseNATURALGAS
Pumping today but its coming out of a long ascending channel.
So this is wild and dangerous.
It has again pushed through resistance into the higher liquidity area.
At some point it will likely collapse either to a Golden Window retracement or lower low ๐.
Not shorting.
Not advice
Natural Gas April 22, 2024: Waiting to Break Above the ResistancOn April 22, 2024, CAPITALCOM:NATURALGAS is trading below the resistance of 2.04 - 2.05 (yellow line) from Feb 6, 2024, with 3 bottoms forming as shown on the chart.
A break above this resistance would trigger a buy signal with the target around 2.45 as shown on the chart, the same distance to the resistance as the from first bottom.
Maturity of the bullish market, any correction pattern extends tEsteemed analysts and traders,
I hope this correspondence finds you in good health and high spirits, prepared to tackle the upcoming week with renewed energy. I extend my best wishes for your continued success in all your business endeavors. It is worth noting that success in trading is largely dependent on the consistent definition and adherence to one's own rules.
As a supporter of the Elliott Wave Principle, I consider this methodology an invaluable tool for market analysis. After three years of personal experience, I have developed my approach by combining this principle with meticulous consideration of different market scenarios. I strive to avoid market surprises by maintaining a range of market prospects, which enables me to recognize the market structure forming with 100% accuracy.
I am pleased to share my analysis with you, with the caveat that I do not provide buy or sell signals. My perspective on idea analysis is entirely impartial, and if my analysis meets your standards, it may serve as a guide to making an informed decision.
For your reference and comparison, I have attached my previous analysis of the same market. All the details of my analysis are clearly labeled for ease of comprehension. Nonetheless, familiarity with the Elliott Wave Principle theory would facilitate an understanding of the analytical idea.
My study of the Elliott Wave Principle took nearly three years, during which my understanding and experience with this invaluable tool have grown. My progress thus far is a testament to the legacy of Ralph Nelson Eliot, whose genius has provided the foundation for my achievements. May he rest in peace.
I express my gratitude for your continued support and kindness, and welcome your comments and critiques.
May my analysis be a valuable asset to your business journey, and I remain sincerely yours,
Mr. Nobody
Natural gas long viewThe price of gas is moving away from the previous bearish trend. January and February were extremely bearish. March was a month of consolidation, and April initiated a bullish consolidation supported by EMA20 and EMA50 daily. The price is currently at the $2.05 level, and before the next bullish run, a pullback to the $1.95 support zone is possible.
Natural Gas - Lower Time Frame UTNatural Gas
Now showing bearish divergence on the 3 hour chart after a higher high shakeout.
That is very likely to be a Wyckoff UT UpThrust.
This signals that the current wave up is now more likely to be a connective wave and there will be another bearish wave to follow.
Perhaps it gets back to somewhere around the 0.618 are perhaps it will get all the way back to the previous support low @$3.362 and that would complete a flat pattern.
Both are probably about equal odds and we'll need to see more.
I have taken some profit in this area but will hold a small amount through the area for long term๐.
Not advice
Potential SHARK Harmonic pattern forming on Natural Gas๐ Keep an eye on Natural Gas! ๐ฆ Potential SHARK Harmonic pattern spotted ๐
This pattern, known for signalling trend reversals ๐, is gaining attention as it shows distinct Fibonacci ratios and price swings. If confirmed, it could mean significant price movements ahead.
The pattern involves four key points: the initial impulse leg, a corrective retracement, an extension leg, and a final reversal leg. Traders are watching closely as price action approaches the projected reversal point ๐ฏ. Confirmation of the pattern often comes with additional technical indicators aligning with the reversal signal.
In the Natural Gas market, factors like supply and demand dynamics, geopolitical events, and weather patterns play a crucial role. Traders are combining technical analysis with fundamental insights to assess the pattern's validity and potential outcomes ๐๐ก.
Stay alert and keep your risk management strategies in check! Whether the pattern leads to a bullish ๐ or bearish ๐ reversal, traders with a keen eye on harmonic patterns and market dynamics will be ready to seize the opportunities ๐ผ๐ฐ.
Natural Gas Technical AnalysisNatural Gas Technical Analysis
The price broke down from a minor structure support zone.
The first 4 hours candle closed red and looks a big candle, showing an increase in the bearish volume.
The first support will be found near 1.8670 and the second support near 1.8100
Don't forget that it is very risky trading NG due to the high speculation.
You may find more details in the chart!
Thank you and Good Luck!
โค๏ธPS: Please support with a like or comment if you find this analysis useful for your trading dayโค๏ธ