NATURAL GAS: Rejection on the 7 month Resistance.Natural Gas is only marginally bullish on its 1D technical outlook (RSI = 56.609, MACD = 0.187, ADX = 40.616) as it failed to cross over the LH trendline. At the same time, it is supported on the 1D MA200 having broken out for the first time since January 3rd. Long-term we remain slightly bullish on NG but on the short-term, we will wait for LH validation. If the price crosses above it, we will take a short term buy and aim for the R1 level (TP = 3.350). If instead the price crosses under the 1D MA200, we will take a short term sell aiming at the 1D MA50 (TP = 2.200).
See how our prior idea has worked out:
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