NATGAS - Still not much movement, wait for the bottom.
Aktualisiert
Good weekend everyone,
Update on NATGASUSD ;
As we can see on weekly timeframe we have a huge 2 year support on 2.58 zone and the natgasusd is on bearish rally since ATH around 4.86 usd, overall weekly this commoditie is BEARISH.
RSI approaches oversold zone and this might be a good opportunity.
Daily chart we see a good support/demand zone around 2.72 usd level , the volume is tricky now but i expect this zone to be re-tested again.
H4 chart shows RSI overbought and some decreasing volume and therefore a minor pullback is expected.
Anyway the strategy here is clean and simple, wait NATGASUSD to reject the strong support zone (either the white dashed line or the 2 year support orange line) and long with a very good RxR ratio targeting 2.87 and 2.98 level.
I definetly wouldn't short this natgas before a clear break of the orange support.
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.
Update on NATGASUSD ;
As we can see on weekly timeframe we have a huge 2 year support on 2.58 zone and the natgasusd is on bearish rally since ATH around 4.86 usd, overall weekly this commoditie is BEARISH.
RSI approaches oversold zone and this might be a good opportunity.
Daily chart we see a good support/demand zone around 2.72 usd level , the volume is tricky now but i expect this zone to be re-tested again.
H4 chart shows RSI overbought and some decreasing volume and therefore a minor pullback is expected.
Anyway the strategy here is clean and simple, wait NATGASUSD to reject the strong support zone (either the white dashed line or the 2 year support orange line) and long with a very good RxR ratio targeting 2.87 and 2.98 level.
I definetly wouldn't short this natgas before a clear break of the orange support.
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.
Anmerkung
So price did rejected white dotted support for now, still i'd personally wait some more before longing, the HUGE support is the orange line.Anmerkung
Price broke white support and now its aiming for orange one, the big one.Should price reject it then we have a major opportunity to long.
Anmerkung
Some demand has arrived, anyway we still only have LH and LL'S , a double bottom would be perfect, we shall see.Anmerkung
Still on downtrend, we must wait either for a orange support test of a change of character and start forming higher lows and higher highs, so far nothing to do here.
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