NG dropped after a bullish report this week. From the 4hr and daily TF, we see that the price is still in a consolidation. It breaks up from the fall wedge and now is in a symmetrical triangle consolidation.
Using the daily chart to analyze, it could break down the symmetrical triangle or bounce up from the current supporting lower trend line. The ichimoku cloud is providing some support and downside risk may be minimized at the moment.
There is also a possibility of a C&H pattern in the daily chart. We shall see if it is confirmed next week.
In the 1 hr TF, we see that price is still below the neckline of the H&S and is also in a consolidation triangle.However, we also can see there seem to be an expansion triangle pattern developing. So is really anyone guess if price go up first or go down first.
Price is currently below the weekly and monthly support/resistance which is consider as bearish. Only if it reverse back above and hold would price continue to go up.
Daily support/resistance on 8th Aug: 2.794, 2.772
Weekly support/resistance from 8th- 12th Aug: 2.804, 2.775
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791
Using the daily chart to analyze, it could break down the symmetrical triangle or bounce up from the current supporting lower trend line. The ichimoku cloud is providing some support and downside risk may be minimized at the moment.
There is also a possibility of a C&H pattern in the daily chart. We shall see if it is confirmed next week.
In the 1 hr TF, we see that price is still below the neckline of the H&S and is also in a consolidation triangle.However, we also can see there seem to be an expansion triangle pattern developing. So is really anyone guess if price go up first or go down first.
Price is currently below the weekly and monthly support/resistance which is consider as bearish. Only if it reverse back above and hold would price continue to go up.
Daily support/resistance on 8th Aug: 2.794, 2.772
Weekly support/resistance from 8th- 12th Aug: 2.804, 2.775
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791
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