NG has a bearish week. The price breaks out of the uptrend channel.
In the monthly TF, price has reached an area where were 4 months of consolidation before the recent rally last year. We are at sticky area. Be cautious.
In the daily TF, we can see the gap at ~2.84 is closed. The question is would NG continue south to close the last gap below or it will bounce up to close the gap above? An inverted hammer appear on Friday and a confirmation is needed for a turn around.
Daily support/resistance on 6th Mar: 2.850, 2.865
Weekly support/resistance from 6th Mar - 10th Mar: 2.912, 2.866
Monthly support/resistance for Feb: 3.199, 3.333 (NGH7: 3.196, 3.323 )
2017 Yearly support/resistance: 3.415, 2.757
In the monthly TF, price has reached an area where were 4 months of consolidation before the recent rally last year. We are at sticky area. Be cautious.
In the daily TF, we can see the gap at ~2.84 is closed. The question is would NG continue south to close the last gap below or it will bounce up to close the gap above? An inverted hammer appear on Friday and a confirmation is needed for a turn around.
Daily support/resistance on 6th Mar: 2.850, 2.865
Weekly support/resistance from 6th Mar - 10th Mar: 2.912, 2.866
Monthly support/resistance for Feb: 3.199, 3.333 (NGH7: 3.196, 3.323 )
2017 Yearly support/resistance: 3.415, 2.757
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Useful levels of support and resistance has been shared here. In commodities like oils, crude oil tips are helpful in earning good returns.
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