NG had a big move after Thur bullish inventory report. it break out of the falling wedge in the 4hrs TF decisively. It almost reached the measured move target with possibilities to close the gap above. There is a shooting star and bearish engulfing pattern which should make bulls cautious of further up move without any correction.
In the 5hr TF, it can be seen that price has moved back up to the neckline of the H&S (again) and drop. It is not clear if this neckline will pose as resistance again. But price is above the ichimoku cloud which is bullish but the cloud is thin for next week. The support is weak should price move down to the cloud.
In the weekly chart, there are many lower shadows which are supportive of further up move. 2.75-2.7 may be the area to buy on dips if it ever corrects there.
In the monthly TF, BB is narrowing which means price will continue to trade in a range for a few more months. Upside seems limited in the next few months while downside has more meat if price ever drop below the mid of BB.
In the daily TF, a shooting star candle appears after breaking out of the falling wedge and need to be confirmed next week. Furthermore, price has touched the upper BB. New high may be possible and should there be any gap up above Friday's high, this would be seen as a nice shorting opportunity. Be cautious if price cannot hold below Friday high after the gap up. An example of price overshot the shooting star candle happened on 29th Jun after shortly, price begins to tumble.
Also to watch out is if there is the possibility of double top correction happening in the next couple of weeks.
Watch out for more clues on next Mon and Tues.
Currently, price is above the weekly and monthly support/resistance level which is seen to be bullish. Price need to break down these level and hold below to be considered for more bearish direction. The picture is mixed in different TF. We shall know more next week which highly expected bullish report will be reported next Thursday. Next week gona be exciting.
Daily support/resistance on 1st Aug: 2.874, 2.861
Weekly support/resistance from 1st- 5th Aug: 2.829, 2.778, 2.829, 2.778
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791
In the 5hr TF, it can be seen that price has moved back up to the neckline of the H&S (again) and drop. It is not clear if this neckline will pose as resistance again. But price is above the ichimoku cloud which is bullish but the cloud is thin for next week. The support is weak should price move down to the cloud.
In the weekly chart, there are many lower shadows which are supportive of further up move. 2.75-2.7 may be the area to buy on dips if it ever corrects there.
In the monthly TF, BB is narrowing which means price will continue to trade in a range for a few more months. Upside seems limited in the next few months while downside has more meat if price ever drop below the mid of BB.
In the daily TF, a shooting star candle appears after breaking out of the falling wedge and need to be confirmed next week. Furthermore, price has touched the upper BB. New high may be possible and should there be any gap up above Friday's high, this would be seen as a nice shorting opportunity. Be cautious if price cannot hold below Friday high after the gap up. An example of price overshot the shooting star candle happened on 29th Jun after shortly, price begins to tumble.
Also to watch out is if there is the possibility of double top correction happening in the next couple of weeks.
Watch out for more clues on next Mon and Tues.
Currently, price is above the weekly and monthly support/resistance level which is seen to be bullish. Price need to break down these level and hold below to be considered for more bearish direction. The picture is mixed in different TF. We shall know more next week which highly expected bullish report will be reported next Thursday. Next week gona be exciting.
Daily support/resistance on 1st Aug: 2.874, 2.861
Weekly support/resistance from 1st- 5th Aug: 2.829, 2.778, 2.829, 2.778
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791
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