NGAS cup and handle / inverse HSForming a bullish inverse HS, or a cup and handle. If the trend line is finally broken, PT 3.50$ and 4.20$ in the horizon, NGAS usually spikes around year end due to increasing storage
XNGUSD trade ideas
NATURAL GAS looking Juicy finally, hope my SL is not too small!HI everyone!
The weeks just really fly by dont they!
NATGAS had a big down movement too. I think this is the first proper structure break to the upside.
XNGUSDNATURAL gas price will go up based on the demand and supply strategy,price is setting on demand and will clear weak resistance structure to keep buying
NGAS - UniverseMetta - Signal#NGAS - UniverseMetta - Signal
D1 - Potential rebound from the level, after the impulse correction.
H4 - Formation of the 3rd wave with an exit from the descending channel. You can try to consider an entry from the current levels or wait for the formation of the pattern
Stop for the 2nd wave on H4.
Entry: 2.3492 - *2.3683
TP: 2.3953 - 2.5080 - 2.6169 - 2.8299
Stop: 2.3064
NATURAL GAS looking like this might be the BUY zoneHi everyone,
Let us see if OANDA:NATGASUSD will rise in price from this zone.
XNGUSD. A possible upside rebound in the short termFundamental analysis
US natural gas prices consolidated in the short term after forecasts for higher demand and a federal report showing smaller-than-usual storage additions. This comes as producers reduced drilling earlier this year.
However, gas stocks are still more than 4.5% above normal levels. Meteorologists expect warmer-than-normal weather through Nov. 1, though demand, including exports, is now forecasted higher than previously thought.
Technical analysis
Price continues in a downtrend in the short term, however, it is approaching the 38.2% Fibonacci level (around 2.71) while the RSI is showing a bullish divergence after being in oversold sold. This could suggest an upside recovery in the near term.
NATURALGAS -- BEARISHNaturalgas may fall further with suport of 2.6650 as per the channel. Negative if it is closed above the bollinger band medium line. (POSITIONAL)
16R Trade - Natural Gas LongHard to say whether NG now continues lower however the market is approaching key support and so if there is a reversal here there is a large move up to catch.
I feel like there is a 40% chance this trade is successful so it is high risk.
The trend down is also steep which is why I’m going lower risk than usual on this one.
I prefer adding to my position once a trend is established on trades like this which I am less confident on.
Natural Gas Price Drops Over 8% Since the Start of the MonthNatural Gas Price Drops Over 8% Since the Start of the Month
On 26 September, when analysing the XNG/USD natural gas price chart, we noted that:
→ Bulls might be "gathering strength" for a potential attempt to break the psychological level of 3.00.
→ If successful, this would pave the way towards the yearly high around 3.20.
Since then, the price of natural gas:
→ Broke above the 3.00 level on 27 September;
→ Reached 3.20 on 4 October, after which it reversed downward.
Bearish sentiment was driven by:
→ News that Hurricane Helen had minimal impact on natural gas processing facilities along the U.S. Gulf Coast;
→ Adequate gas reserves ensuring sufficient supply;
→ Weather forecasts indicating short-term gas demand at the end of September.
Technical analysis of the XNG/USD chart shows the upward channel (marked in blue) has lost relevance. It’s evident that:
→ The bounce from the median line (shown by the first arrow) was weak;
→ The attempt to re-enter the channel from its lower boundary (as shown by the second arrow) led to a test of the 3.00 psychological level, which acted as resistance.
There are no signs yet of bulls trying to regain control on the XNG/USD chart. If the supply and demand balance remains unchanged, the natural gas price may continue its decline within the red downward channel, possibly towards its lower boundary, reinforced by the former resistance at 2.65.
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NATGAS - BEARISH MOVEHello Traders !
After a huge bullish move,
The Natural gas formed an ascending channel.
Currently, The support line is broken !
So, I expect a bearish move📉
_______________
TARGET: 2.396🎯
NGAS - SHORTNGAS forming rising wedge at the high of the ROUNDING TOP on higher time frame
A nice fall is imminent as per the levels marked.
Sustaining above the rounding top would negate the view (BLUE line resistance)
NATGAS_4Hhello
Natural gas analysis Analysis based on Elliott waves The market is forming wave 4 of correction. The bottom of wave 4 can be considered the range of 2.700 and by maintaining the high price of this number, it can form an upward wave. The target of wave 5 can be considered as 3.333.
Natural Gas still coiling! breakdown or breakout?Hello Traders
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today NATGAS analysis 👆
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NATGAS - The American elections are pendingEverything is ready just for the elections to end. Hello, loyal voters. :)
NATURAL GASSupports Broken and May come more down to next support
This chart is only for educational purpose
NGAS (Henry Hub) - NO LOSS Trade OpportunityFrom the highest of 10 mark till the lowest of 1.5.. at the moment Natural Gas is giving the golden opportunity to buy and accumulate for apparently 1-2 months of holding with a good reward of 1:4+.
This is literally a NO LOSS Trade but for those who can wait patiently for a golden reward
Good Luck!
Natural gas may pivot higherNatural gas had corrected during the first part of the week.
Commodity markets still remain stay in play amid geopolitical escalation in the Middle East and declining stockpiles: for example, we observe a consistent decline of Natural Gas in Henry Hub for several weeks in a row.
From a technical standpoint, Natural gas had bounced back from the intermediate-term resistance area of $3 per contract, but the market structure is still bullish, as there haven't been three full bearish candlesticks yet, and today we might observe a pullback as shown at the chart.
Manage risks and trade well!
Wait for it!!! Natural Gas may have more downside.The double bottom playing out in natural gas is a classic bullish reversal pattern. This pattern typically signals a shift from a downtrend to an uptrend, characterized by two distinct lows at approximately the same level, separated by a peak (the "W" shape). Here's an in-depth analysis of the recent move and potential future trends for natural gas:
Recent Move
1. Formation of the Double Bottom:
- First Bottom: Natural gas prices hit a low, rebounded, and then fell again to form the second bottom.
- Second Bottom: The second low was formed at a similar level to the first, confirming the double bottom pattern.
- Neckline Breakout: The price then broke above the peak of the "W" (the neckline), signaling a potential bullish reversal.
2. Pullback to the Neckline:
- After breaking the neckline, prices often pull back to retest this level. This pullback is typically seen as a confirmation of the breakout.
- In this case, the pullback is expected to be around $2.30 to $2.40, aligning with the peak of the "W".
Future Projections (October 8th, 2024 to Year-End)
1. Short-Term Outlook:
- Support Levels: The $2.30 to $2.40 range will act as a critical support zone. If prices hold above this level, it reinforces the bullish sentiment.
- Volume Analysis: Increased trading volume during the breakout and subsequent pullback would further validate the pattern.
2. Medium to Long-Term Outlook:
- Bullish Continuation: If the support at the neckline holds, natural gas prices could see a continuation of the uptrend. Key resistance levels to watch would be around $2.60 and $2.80. Natural gas could easily rally into the 3’s if these resistance levels are broken.
- Market Sentiment: Factors such as seasonal demand, geopolitical events, and supply constraints will play a significant role. Historically, natural gas prices tend to rise during the colder months due to increased heating demand.
3. Potential Risks:
- False Breakouts: There's always a risk of false breakouts where prices fail to sustain above the neckline and fall back into the previous range.
- External Factors: Unexpected changes in weather patterns, regulatory shifts, or significant changes in production levels could impact prices.
Conclusion
The double bottom pattern in natural gas suggests a bullish outlook, especially if the prices hold above the $2.30 to $2.40 support zone. Monitoring volume and external market factors will be crucial in confirming this trend. If the bullish momentum continues, we could see natural gas prices testing higher resistance levels and rallying into the $3 to 4 range towards the end of the year.
Natural gas is on the moveEnergy markets are on the move: volume in the largest oil ETF of the United States (USO) rose to a new peak in 2022. CME Group took a similar action for WTI Crude oil futures. The situation was fueled by geopolitical escalation in the Middle East.
Natural gas has developed a strong momentum, getting back to $3, and if it holds this level, it will complete the “cup-and-handle” pattern, which points to the continuation to the upside, up to $4 area and above.
The current price is also above the 20, 50, and 200 moving averages, indicating a “price discovery” regime. If XNGUSD doesn’t correct itself, it may develop another sharp spike upward.
Really as Simple as it seems- Very simple case for NG bulls on a long (2-5 year) basis. Macro trend simplified with nothing more than trendlines
- Shorter term bear play will be described in another post
- NG appears to be making a Jesse Livermore accumulation megaphone pattern as it did in the 90s/2000s
1) red long term downtrend line broken to the upside and retested beautifully.
2) weekly chart shows higher highs and higher lows beginning to develop on a longer time frame after the nasty drop from 2021 highs to lows which bottomed in the 2$ vicinity.
3) Shorter term black trendline still providing resistance upon the 3rd test. Confirmation of a breakout here is yet to be seen (this was where the short play revolves around)
4) major resistance around the upper red horizontal line at roughly 3.19. Lesser resistance just below red horizontal line.
Conclusion: NG has been and continues to be extremely cheap historically.
As NG resolves these resistance zones it appears a 1-2-3-4-5-6-7-8 megaphone pattern will generate as NG eventually reaches the 12-14$ area within the next few years.
Natural Gas expected to tag lower trendline and upper trendline of megaphone pattern accordingly with seasonality and resistance levels along the way.
Volatility is expected as the cylinder widens and price action becomes more erratic, though long term, the trend is bullish, but the Widowmaker is not for the faint of heart. Scaling in, and buying near lower trendline tags is likely most likely to increase probability of maximum profit.
NATURAL GAS SHORT IDEAhi all as you see on daily timeframe, naturalgas on the upper resisitance of parallel channel. also its rsi is overbought. so we can try short setup.
entry : 3.0906
stop : 3.4033
target : somewhere between 2.00 - 2.18
