NG was trading at a range after a big drop on Mon, with 2.7 being the critical support and 2.8 being the critical resistance.
In the 1 hour chart, we can see a falling wedge forming , with the upper resistance trend line as the next destination (~2.8).
In the 5 hour, the H&S neckline is tested once. It may test it again at ~2.8. It would be interesting to see if the H&S pattern would bring price to around 2.5.
In the monthly chart, consolidation begins after it break through the mid of BB last month. Price might continue to consolidation for another month. (See my previous weekends post for more explanation)
If the weekly support/resistance becomes a resistance, then expect more down move next week.
Daily support/resistance on 18th Jul: 2.724, 2.745
Weekly support/resistance from 18th - 22nd Jul: 2.77, 2.761
Monthly support/resistance for Jul: 2.848, 2.831, 2.675, 2.626
In the 1 hour chart, we can see a falling wedge forming , with the upper resistance trend line as the next destination (~2.8).
In daily TF, price is consolidating below the mid of BB with Friday candle being almost a hammer. Is NG building base below mid of BB for up move or NG is building ceiling for more further down move? RSI is still above 50. We shall know next week, with option/contract expiry less than 2 weeks.
If the weekly support/resistance becomes a resistance, then expect more down move next week.
Daily support/resistance on 18th Jul: 2.724, 2.745
Weekly support/resistance from 18th - 22nd Jul: 2.77, 2.761
Monthly support/resistance for Jul: 2.848, 2.831, 2.675, 2.626
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