Natural Gas (NG) Testing Weekly Chart Downchannel Support

Articles From: Tradable Patterns
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CFA, Founder

Tradable Patterns

Natural Gas (NG) Testing Weekly Chart Downchannel Support

Natural Gas (NG) is trying to bounce off this week’s fresh 2023 low near downchannel support (on the weekly chart).  With NG arguably breaking above descending wedge resistance (on the daily chart), odds are elevated following Thursday’s highly anticipated weekly storage data for a break above downchannel resistance (on the 4hr chart) and a daily close above the psychologically key 3 whole figure level.  With the first green weekly candle in 8 weeks trying to form, a test of the psychologically key 2 whole figure level sometime in February is unlikely.  Monitor as usual the escalation in the Ukraine-Russia conflict.  Congratulations to Premium Members who benefited from the opportunities highlighted Jan 19, 2022, Jan 27, 2021 and April 14, 2021.  The still downsloping weekly RSI and MACD are weighing on the bottomish daily equivalents.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Tuesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on WTI CRUDE, GBPAUD

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Source: Interactive Brokers TWS

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