NatGas Creeping Bullish
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Hi friends, it's a daily chart of commodity Natural gas as we can see after a long consolidation in parallel channel finally it breakout channel resistance and currently trading above that resistance, so if price will close above we can see above marked target can arrive in coming sessions, Price has come here so far by making higher lows and now trading above from last swing high so we can assume it is starting of trend reversal in it, one Triangle breakout also occured inside the parallel channel.
I don't think there is any need to write a long description because charts have their own language, you just have to understand it.
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
I don't think there is any need to write a long description because charts have their own language, you just have to understand it.
This is not and trade or investment advice. This idea is meant for learning only.
Best Regards happy trading- Amit
Nota
Marginally closed above mentioned resistance on chart so want to give one more day close above resistance for more confimation of published breakoutNota
Breaking recent week highs and good sustaining above resistance if it will close above kindly consider this update as a trade active update, will not post seperate update for that trade activeOne more idea published on Natural gas spot one can follow that for better view sharing link in this update below
Nota
Nice move friends reached 263 from 245, i think Commodity traders got good learning material from this that how a parallel channel breakout works and how a good spike can come after when price is sustaining above resistance, 246-250 retest entry seems possible from here now too friendsNota
In yesterday session price did a crossover above 200 EMA after a long 10 months period i assume it will give more strength to published breakout, One more day candle close above this EMA will be more good for price and if it will reject from EMA we can see a possible breakout retest too friends.Trailing stop loss update-:
Reached 266.80 from 248 gained 7% so far, So now i want to secure my position and now moving my stop loss on my cost price and will wait for the targets
Nota
Target update-:Superb Gains !!
Target one completed gained 12% so far and price is continously moving in wanted breakout direction, Today expected a gap open as per the global sentiments are going on and seems increased demand in oil and gas prices in American spots too. So if price will sustain above resistance target one we can see rest targets in coming session friends
Nota
After hitting target one (Target two just missed), price came down and took support from resistance so we can say it is successfully retested it's breakout level and now moving up towards target one again by this process price giving a perfect example of how a resistance can work as a support after breakout. Now I assume that this retest will give more strength to this breakout
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