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Sunday, August 29, 2021

๐Ÿ’กNGAS (NAT.GAS) - Weekly Technical Analysis Update

๐Ÿ’กNGAS (NAT.GAS) - Weekly Technical Analysis Update

Natural Gas CAPITALCOM:NATURALGAS

Midterm forecast:

3.400 is major support; while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades if the Midterm level 3.400 is broken.

Technical analysis:
While the RSI support #1 at 47 is not broken, the probability of price decrease would be too low.
A trough is formed in the daily chart at 3.730 on 08/19/2021, so more gains to resistance(s) 4.650, 4.900, 5.000, and more heights are expected.
Price is above WEMA21; if a price drops more, this line can act as dynamic support against more losses.
The relative strength index ( RSI ) is 71.

Take Profits:

TP1= @ 2.600
TP2= @ 2.750
TP3= @ 2.900
TP4= @ 3000
TP5= @ 3.150
TP6= @ 3.400
TP7= @ 3.650

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