Bullish NatGas?
NatGas looks kind of bullish to me on the 12hr time frame. We consolidated sideways out of the broken down trend.
Then, we broke the 12h coral strongly, made a new high, then it has retraced back to the scene of the crime aka where the break out happened.
This are is also where the 12 coral is now. Price is riding on top of it, and its rejected twice now. It's testing old resistance as support. Could be a bull flag forming here. We either pop to $2.60+ or fall back to structure around $2.10 if support fails.
Higher time frames like the 3 week and monthly are starting to turn. So thats a good sign for the bulls.
I'm still holding long and will buy some more if it drops on UNG. This chart is spot price.
Then, we broke the 12h coral strongly, made a new high, then it has retraced back to the scene of the crime aka where the break out happened.
This are is also where the 12 coral is now. Price is riding on top of it, and its rejected twice now. It's testing old resistance as support. Could be a bull flag forming here. We either pop to $2.60+ or fall back to structure around $2.10 if support fails.
Higher time frames like the 3 week and monthly are starting to turn. So thats a good sign for the bulls.
I'm still holding long and will buy some more if it drops on UNG. This chart is spot price.
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