NATURAL GAS Possible analysis

The NATURAL GAS trend is bearish for the last couple of months. The market placed a 1.9625 low on 14-Apr-2023. In a 4Hour time frame market reject the resistance area ( $2.35-2.42 ) as mentioned in the price chart and continued the bearish move. Now price is traded near the Support area ( $2.15-2.10 ).RSI ( relative strength index ) at over-sold levels and Volume indicates bears lose momentum. Price respected the trendline in the past two times and is now again near to test, so if the market close above this trendline with a strong bullish candle stick pattern then probably the market going up. So initiate long positions after closing above the Support area and also the trendline. On the other side, the Price traded below 200 MA (moving average ) which indicates the bearish trend is still in line. So Short selling is favorable if the price breaks the trendline to the downside and close below the support area as mentioned in the price chart after confirmation by a bearish price action structure.

Support and Resistance levels for day trading ;

Pivot Point Level: PP 2.1872

Support Levels: S1 2.0987, S2 2.0416, S3 1.9531

Resistance Levels: R1 2.2443, R2 2.3328, R3 2.3899

Kommentera:

Zero Floating .In Good Profit

Kommentera:

Still In good Profit.

Kommentera:

Printing Money