Natural Gas (NG!) is struggling to get past the 1D MA50 (blue trend-line), which is the short-term Resistance and at the same time is supported by the 1D MA100 (green trend-line). The long-term pattern is a Bullish Megaphone and besides the 1D MA100, the price action is supported by the pattern's bottom (Higher Lows trend-line).
Recently however the pattern that has emerged is a Head and Shoulders (H&S) and it remains to be seen if it establishes itself on the immediate price action, which technically means a sharp decline, as in theory it is a bearish pattern.
On the short-term, you can buy up to the Lower Highs trend-line and target 2.750. On the long-term we believe the upside is limited by the 1D MA200 (orange trend-line), which is now on Resistance 2 (3.025) and most likely will reject any spike on Resistance 1 (2.865).
So on the long-term, if the price breaks and closes a 1D candle below the 1D MA100 and Higher Lows trend-line, we will open a long-term sell and target 1.950 (Support 3).
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Recently however the pattern that has emerged is a Head and Shoulders (H&S) and it remains to be seen if it establishes itself on the immediate price action, which technically means a sharp decline, as in theory it is a bearish pattern.
On the short-term, you can buy up to the Lower Highs trend-line and target 2.750. On the long-term we believe the upside is limited by the 1D MA200 (orange trend-line), which is now on Resistance 2 (3.025) and most likely will reject any spike on Resistance 1 (2.865).
So on the long-term, if the price breaks and closes a 1D candle below the 1D MA100 and Higher Lows trend-line, we will open a long-term sell and target 1.950 (Support 3).
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** Please LIKE ๐, FOLLOW โ , SHARE ๐ and COMMENT โ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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๐ฐFree Channel t.me/tradingshotglobal
๐คตContact info@tradingshot.com t.me/tradingshot
๐ฅNew service: next X100 crypto GEMS!