Saturday, June 3, 2017

Natural Gas Trading: Weekends Post for the week 5th Jun - 9th Jun 2017

NG has a bearish week.It is now below the neckline of the possible inverse HS. The price is currently as 200 EMA. It could bounce to the 200 SMA and neckline if it holds. Otherwise, it could drop to the yellow area for the completion of the HS pattern.

In the weekly TF, price is still supported by the ichimoku cloud. Downside risk is limited at the moment.

May is a spinning top candle. This give June movement some uncertainty as we could possible is in the consolidation range. It could test the mid of BB before bouncing. Whatever it is, if summer is cooling NG is poised to be bearish.

Daily support/resistance on 29th May: 3.009, 3.02
Weekly support/resistance from 5th Jun - 9th Jun: 3.122, 3.043
Monthly support/resistance for Jun: 3.135, 3.246  (NGN7: 3.148, 3.284)
Monthly support/resistance for May: 3.241, 3.185  (NGM7: 3.271, 3.274 )
2017 Yearly support/resistance: 3.415, 2.757

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