Potential Local Bottom on Natural Gas
Key Levels Identified
* Blue line - Previous 5 Year Low
* Maroon line - Monthly Open
* Dotted Purple line - March's Low
* Dotted Red line - Hourly Supply
Weekly Timeframe
- 3 Consecutive closes above Previous 5 Year Low
- Last week candle close as a bullish pinbar
Daily Timeframe
- Daily candle unable to stay below March's Low. Price gets back above March Low immediately on the subsequent day suggest buying pressure.
LTF Setup
- Untested H1 Supply at Local 0.705 Retracement Fibonacci level
Summary: Price action from various timeframes all seem to show that a short term rally on Natural Gas might happen over the next week. Looking to enter on a retrace at my Hourly demand level.
* Blue line - Previous 5 Year Low
* Maroon line - Monthly Open
* Dotted Purple line - March's Low
* Dotted Red line - Hourly Supply
Weekly Timeframe
- 3 Consecutive closes above Previous 5 Year Low
- Last week candle close as a bullish pinbar
Daily Timeframe
- Daily candle unable to stay below March's Low. Price gets back above March Low immediately on the subsequent day suggest buying pressure.
LTF Setup
- Untested H1 Supply at Local 0.705 Retracement Fibonacci level
Summary: Price action from various timeframes all seem to show that a short term rally on Natural Gas might happen over the next week. Looking to enter on a retrace at my Hourly demand level.
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