NG has another bullish week! From the weekly TF, it can be seen price broke the ascending channel but at the same time, price is well outside of the BB. Looking at the chart from the left, we see that once the price is out of the BB, a good correction follows shortly. Will it continue the uptrend to $4 or correct to $3?
However, from the daily TF, we can see 2 shooting stars and the week ended with a spinning top which represent indecision. It seems to hint that the rally is about to come to a stall soon. I would like to see it testing the ichimoku cloud below. (Do take note with NG, anything is possible, it could even rally all the way to $4 first.)
In the monthly TF, price has broken the downtrend line. There is another downtrend line too. So, NG might move between this 2 trendline going forward. It means it could also test the first trendline and on very bullish news, test the second trendline above.
Daily support/resistance on 12th Dec: 3.722, 3.719
Weekly support/resistance from 12th Dec- 16th Dec: 3.687, 3.614
Monthly support/resistance for Dec: 3.216, 2.957 (NGF7: 3.246, 3.045)
2016 Yearly support/resistance: 2.406, 2.518
However, from the daily TF, we can see 2 shooting stars and the week ended with a spinning top which represent indecision. It seems to hint that the rally is about to come to a stall soon. I would like to see it testing the ichimoku cloud below. (Do take note with NG, anything is possible, it could even rally all the way to $4 first.)
In the monthly TF, price has broken the downtrend line. There is another downtrend line too. So, NG might move between this 2 trendline going forward. It means it could also test the first trendline and on very bullish news, test the second trendline above.
Daily support/resistance on 12th Dec: 3.722, 3.719
Weekly support/resistance from 12th Dec- 16th Dec: 3.687, 3.614
Monthly support/resistance for Dec: 3.216, 2.957 (NGF7: 3.246, 3.045)
2016 Yearly support/resistance: 2.406, 2.518
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