NG almost has 5 days of red candles this week with Friday. This is probably a short covering. Whether it is a real buy by MM, we shall know soon.
In the daily chart, NG is bounce on a trend line support. It is important that the support is not broken or we may go lower, broken 2.5 and below. Price is also at the lower BB which could cause a bounce. The ichimoku cloud is also providing some support as well.
In the monthly chart, price retrace till mid of BB. It is testing the area there. BB is narrowing which means NG is moving in a narrow range and big movement will come in the next few months, most probably during winter time.
In the 5 hr chart, price is also bouncing from some support. So I expect price to be testing around those area before moving up or down decisively.
Price is currently below the monthly and weekly support/resistance which is consider as bearish. However price is very near the weekly support/resistance. Any attempt to push above that and hold above, NG may move up to test the monthly support/resistance/
Daily support/resistance on 15th Aug: 2.588, 2.574
Weekly support/resistance from 15th - 19th Aug: 2.611, 2.642
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791
In the daily chart, NG is bounce on a trend line support. It is important that the support is not broken or we may go lower, broken 2.5 and below. Price is also at the lower BB which could cause a bounce. The ichimoku cloud is also providing some support as well.
In the monthly chart, price retrace till mid of BB. It is testing the area there. BB is narrowing which means NG is moving in a narrow range and big movement will come in the next few months, most probably during winter time.
Price is currently below the monthly and weekly support/resistance which is consider as bearish. However price is very near the weekly support/resistance. Any attempt to push above that and hold above, NG may move up to test the monthly support/resistance/
Daily support/resistance on 15th Aug: 2.588, 2.574
Weekly support/resistance from 15th - 19th Aug: 2.611, 2.642
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791
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