Natural Gas: Weak Day / Strong Week
Natural gas had a bit of profit taking today and you can't blame the bulls for trimming especially since we did the same.
The Daily chart now needs a couple days of consolidation before another sustainable push.
The weekly chart recaptured the 50 Weekly MA...very good near term sign.
This can now be used as a support level to trade against for very tight stoploss swing traders.
As long as we remain above the breakout neckline we should be likely heading to retest 2.75 & $2.90
Levels below can cause nat gas to fail and fall substantially. Alway remembers the Weekly trend still has Lower highs in place.
The Daily chart now needs a couple days of consolidation before another sustainable push.
The weekly chart recaptured the 50 Weekly MA...very good near term sign.
This can now be used as a support level to trade against for very tight stoploss swing traders.
As long as we remain above the breakout neckline we should be likely heading to retest 2.75 & $2.90
Levels below can cause nat gas to fail and fall substantially. Alway remembers the Weekly trend still has Lower highs in place.
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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.