Is Natural Gas(NG) Preparing for a Big Bounce???Technical Analysis:
- Natural Gas is in a weekly edging buy area and any moment it can bounce once wave (5) in blue will be done
- Anyway, the big probability with actual data is that a small extend could happen in the wave (5)
- H1 right side is turning down
- H4 right side is down
Technical Information:
- If you're a position trader or long term investor, you may buy in the actual level
- And if you're a swing trader, wait for possible extend in wave (5)
Ngsignals
NATURAL GAS 1D Death Cross ahead. Lower Lows expected.It was last September (2021) where I first starting calling for a market top on Natural Gas, which at the time seemed odd to the majority of the energy market participants as it was coming off a very aggressive 6 month rally. It wasn't odd though based on NG's long-term, multi-year cyclical behavior as I accurately displayed on the following chart:
Back to today, and the 1D time-frame, the price is about to form a 1D Death Cross, which happens when the 1D MA50 (blue trend-line) crosses below the 1D MA200 (orange trend-line) and is considered to be a bearish formation. The last 1D Death Cross after a Cycle Top was formed on February 21 2019. It was on that period that NG made a new Low and gradually entered a structured bearish pattern on Lower Lows (Channel Down ish), with the 1D MA50 acting as Resistance. Check also the MACD indicator which is virtually identical between those two periods.
My long-term targets are the 1.236, 1.5 and 1.618 Fibonacci extensions successively, which were the Lower Lows targets of the 2019 pattern.
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NATURAL GAS 1st Higher High since mid February. Buy.Pattern: Triangle on 1D.
Signal: Buy as the price has rebounded on the 1D MA200 (orange trend-line) and formed the 1st Higher High since February 17. After a Higher High, a rally was always followed since July 2020.
Target: 3.140 (the 1.618 Fibonacci extension ).
Most recent signal on NG:
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NATURAL GAS Buy SignalPattern: Triangle on 1D.
Signal: Buy as the price has found support just above the 1D MA200 (orange trend-line) and within the 8-month Higher Lows Zone (green). The RSI also hit its own Support Zone.
Target: 3.140 (the 1.618 Fibonacci extension).
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NATURAL GAS Trading PlanPattern: Channel Up on 1D.
Signal: (A) Buy as long as he price trades above the 1D MA200 (orange line) (B) Sell if it breaks below it.
Target: (A) 2.700 (right below the Resistance) (B) 1.650 (right above the Support).
*Note: the RSI is near its 1 year Support Zone. Only once this failed to initiate a bullish sequence.
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NATURAL GAS Trading opportunitiesPattern: Channel Down with underlying Bearish Megaphone on 1D.
Signal: (A) Bearish if the price breaks the MA50 (blue line), (B) Bullish if the price breaks above the red Triangle.
Target: (A) 1.500 (just above the Support), (B) 2.140 (projected contact with the MA200 (orange line)).
Previous successful Buy Signal on Natural Gas: