NATGAS Update: Spotting Bullish Patterns - 3 White SoldiersWhat's Happening
NATGAS is currently trading around $2.137, and recent price movements indicate potential bullish momentum. We're seeing the formation of the "Three White Soldiers" pattern, highlighted by the recent candlesticks. is a strong bullish reversal pattern that has led to further bullish days. The chart shows multiple instances (circled areas) where this pattern has been followed by green days.
Key Levels to Watch
Support Zone: The green zone between $1.750 and $2.070. This area has been a stronghold where buyers step in since 2015.
Resistance Zone: The red zone between $5.500 and $6.500. Prices have hit a wall here multiple times.
Moving Averages
66-day MA is almost crossing the 200-day MA
The price is hovering near these the 100 MA, and with the recent bullish pattern, there's potential for a significant move.
MACD Indicator
The MACD keeps losing bearish momentum and the line is approaching to crossing above the signal line, suggesting a shift towards bullish momentum.
Volume
There’s been an slight increase in trading volume past days, which is a positive sign that the recent uptrend might have strength.
What Could Happen Next
If We Go Up:
Holding above the $1.750 - $2.070 support zone could lead to a move towards $3.500 and possibly $5.000.
Breaking $5.000 could set up a run to the $5.500 - $6.500 resistance zone.
If We Go Down:
Falling below the $1.750 - $2.070 support zone might lead to a drop to recent lows around $1.500.
Breaking below $1.500 could mean heading towards $1.200.
The Bottom Line
NATGAS is showing signs of bullish momentum with the formation of the "Three White Soldiers" pattern. This pattern can shoot price far above the 100MA, opening the way to the 66-200MA Cross at $2.35. As always, manage your risk carefully in these volatile markets.
This isn’t financial advice. Do your own research and talk to a financial advisor before making any trades.