Hello, if you went through my earlier ideas on Natural Gas (NG), you will get to know that I was in favor of buying this market in dips. You can see NG formed a strong support around $2.38 after which the price rallied to test $2.7 earlier this week. NG also managed to break the resistance zone around $2.60 - $2.63 along the way and we have been testing this zone yesterday and earlier today. The zone was tested 2-3 times but failed to get through indicating buyers are in control and we may eventually break the downtrend line around $2.7+ today or tomorrow after the data release. Once the downtrend line is broken, I expect NG to to rise above 2.75 then come back to test the downtrend line which would be the last buying opportunity before targeting $2.9x resistance area!
Do you agree? please share your thoughts and like and follow if you like this idea.
Good luck and ensure proper risk management as always :)
Do you agree? please share your thoughts and like and follow if you like this idea.
Good luck and ensure proper risk management as always :)
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Another bullish 4hr candle closing at support zone