NG1! in oversold zone. Technical bounce target 2.789 , 3.37, 4.0

2 Feb 2023

Natural Gas has dropped more than 43% since start of 2023, it's heavily oversold and hitting a major support zone (2.45 - 2.20 levels) , highlighted in blue box. In my previous post, I had a target of 2.33 as per Fib measured levels. I strongly believe we have seen bottom in NG short term, might go lower some more to test the support zone and build a base.

Short term I'm expecting NG to technically bounce to target 2.789, 3.37 levels (white lines).. Best case might test the $4 levels, where the down sloping pink line meets.

For any reason, if 2.20 support levels get broke, we might see lower target $1.795 and 1.44.. I believe we might see these downside targets only after a technical bounce 2.789, 3.37 levels.

Let me know your thoughts in comments section

21 Feb 2023

Nota

2.20 critical support level failed.. next support level at $1.795..

24 Feb 2023

Nota

This is 2h chart. NG given a channel breakout. I believe $2 is near term bottom and we can see technical bounces.. resistance levels marked with yellow horizontal lines.

24 Feb 2023

Nota

This is weekly week of the same chart.. NG briefly pierced 2.20 levels and hit $2 levels and bounced back to close above support 2.45 levels. This looks like a short term bottom in NG and we'll see technical bounces to hit $2.8 levels next week... NG needs to consolidate for next few weeks and build some base at this levels to hit the $3.37 and $4 targets..

2 Mac 2023

Dagangan ditutup: sasaran tercapai

Target 1 $2.789 reached today, high was $2.839 .. I believe NG will consolidate in a range to form a bull flag before hitting next target $3.37 ..