Contrarian scenario where this actually deserves or gets a little bit more of a push above, unless we are in just another correction formation. For the long setup to hold and to be considered, a bounce from a curve needs to happen with a precise candlestick setup right at one of the curves, for example where the green circle is, bouncing from the white curve and continuing on the green path towards the red.
All curves are potential support and resistance formations, projected in time, but the price might just hold on to them in magnet mode creating a wave along one of them. I have been playing around with this concept, with forward testing instead of back-testing, so it will be interesting to see how this project unfolds. (/anyone interested in those experiments can check the tube or X).
If the bullish sentiment does not hold, and the curves are broken below, a shorting opportunity might appear, with a bounce on the flip from any of the curves, example highlighted in the scenario with the purple path.
All curves are potential support and resistance formations, projected in time, but the price might just hold on to them in magnet mode creating a wave along one of them. I have been playing around with this concept, with forward testing instead of back-testing, so it will be interesting to see how this project unfolds. (/anyone interested in those experiments can check the tube or X).
If the bullish sentiment does not hold, and the curves are broken below, a shorting opportunity might appear, with a bounce on the flip from any of the curves, example highlighted in the scenario with the purple path.
Note
Blue curve reached and resistance/support concept confirmed, as the price left 2 candlestick shadows at the meeting point, turning into a "melting" point that brought the price lower. It will be interesting to see if the bullish momentum is maintained, keeping the price above the potential "support" curves below, fading away the scenario with a bounce from them, and just grinding its way towards higher ground.
Note
Retest and rebound from the blue curve.Note
The was another rebound from the blue curve making it the 3rd. Never got to reach the red, but some long holders (myself included) probably started to cash in. From my perspective, the sentiment has switched to bearish for now. Note
Some interesting price action at the potential support blue curve. Could be temporary. Candle needs to close in the green an have a decent follow up confirmation candle. Imo this doesn't look like the end of the recent bearish wave.Note
The rebound from the blue curve was decent but it was retested and failed to hold. Currently the same situation seems to be developing at the encounter with the white curve. This might not hold either. Next stop yellow? Note
The project would have looked much better if the two highs at the top would have been right at the red curve. Relatively close enough still.Pit stop at the yellow where it found some support. The extended white one needs to be broken and maybe retested for any bull scenario to gain confidence.
Note
Bearish mood continues and we might need some new curves on a new project for nat gas to figure out the next possible steps.
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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.