NATURALGAS Last week on Wednesday and Thursday we observed the false breakout of the major trendline. Eventually, Thursday ended up bullish, gaining 4.8% day-to-day. On Friday the asset has been trading majorly sideways, retesting the major trendline (pic 1). Technically, looks like the divergence on RSI, MACD and Momentum works out as well as the bullish wedge (pic 2). Fundamentally, we still have warm temperature weather forecasts in the U.S. and bullish Thursday's EIA report. Additionally, today the market opened with a bullish gap and continues to grow, which is a good signal for the buyers.
Considering major levels here, I decided to open long positions:
🔼 a market buy order at 3.4556 with
❌a stop loss at 3.2995 and
🤑a take profit at 3.7927
At 3.6000 would be reasonable to reduce long position on a half. Thank you for the attention!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.