NATGASUSD -Analysis
Updated
NATGASUSD is highly oversold on every single chart except the daily (M30, 1H, 2H, 4H). On the daily chart, while not oversold, we have reached the RSI support line we have held since August 2019 (3 mo.). This line can easily be broken, but it is here where I am taking a position with a tight stop loss.
Price bounced from the 2.26 (0.236) fibb level, and will normally reach 0.50 fibb (2.37-2.40) before next big move.
Another option - is that it is setting up a much larger bearish head and shoulders pattern, which is a common pattern as I have noticed and mentioned in previous analyses.
Winter storms are still to come, even though this winter is predicted to be lighter than most. I think reaction was very strong in the past daily sell off, and should rebound to at least 2.37-2.40.
Price bounced from the 2.26 (0.236) fibb level, and will normally reach 0.50 fibb (2.37-2.40) before next big move.
Another option - is that it is setting up a much larger bearish head and shoulders pattern, which is a common pattern as I have noticed and mentioned in previous analyses.
Winter storms are still to come, even though this winter is predicted to be lighter than most. I think reaction was very strong in the past daily sell off, and should rebound to at least 2.37-2.40.
Trade closed: target reached
2.37-2.40 Target reached, closed.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.