Natural Gas Short term target 4.35, long term target 2.33

Natural Gas recently hit the critical support at 3.4 and I see strong technical bounce to 4.3 level, hitting down sloping resistance line (red) which also coincides with Fib .618 level. Overall long term sentiment is still bearish, if the NG doesn't break above the 4.5 in upward momentum, we might see it crash towards 2.33 before mid of 2023.

Let me thoughts and comments on this post.

Kommentar:

Holding $3.3 - 3.4 support level is critical.. if it breaks , we can see it flush to downwards target.. tight stop loss required

Kommentar:

$3.3 support level is getting breached. Might test $3 short term.

Kommentar:

Very close to $3 today.. Low was $3.09.. Lot of selling pressure in NG..

Kommentar:

$3 Levels getting breached.. If this support doesn't hold, next support level at @ $2.63

Kommentar:

Testing 2.6 support levels.. low today was 2.61 .. NG in oversold territory.. My long term target was 2.33 in next few months.. didn't expect to get to those levels in very short term.. charts are charts, end of day they dictate the patterns..

Trade geschlossen: Ziel wurde erreicht:

Final target achieved. Today low was 2.341 .. My Fib measured target was 2.33 .. We should see some bounce..