Natural Gas (NG) Tests Weekly Chart Upchannel Resistance
Natural Gas (NG) is trying to form its 7th straight green daily candle after forming a fresh 2021 high yesterday. Significantly, NG is vulnerable to a healthy correction as it bumps up against the upchannel resistance (on the weekly chart) connecting the December to June highs, and hinted at the loooming pullback with yesterday’s strong intraday reversal. Odds are elevated for a break below upchannel support (on the 4hr chart) after Thursday’s highly anticipated weekly storage data release. The volatility sometimes seen after the completion of a quarter/half year and the US Non-Farm Payrolls (NFP) may be deferred to after most traders return from the US Independence Day long weekend holiday next Tuesday. Congratulations to Premium Members who benefited from the opportunities highlighted Aug 3rd, Jan 27th and Apr 14th. The weekly RSI and MACD are still sloping up, but weighed by the tiring and overbought weekly Stochastics. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of WTI Crude, USDCHF
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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