NG is trading at a small range this week. The trend is still bearish until a turn is convincing. The current bounce could be a bear flag or bear trap (for traders who keep shorting on bounce). The yellow area is the next expected resting area.
This week we have a spinning top which means traders are undecided on the direction. The next 1 or 2 weeks should have a better clue on where price is heading.
In the monthly TF, price is slightly above the mid of BB. If weather become more bearish, this could get tested.
In the 4hr TF, the ichimoku cloud has become the resistance. NG needs to overcome it to go higher.
Daily support/resistance on 12th May: 3.045, 3.047
Weekly support/resistance from 12th Jun - 16th Jun: 3.034, 3.015
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
This week we have a spinning top which means traders are undecided on the direction. The next 1 or 2 weeks should have a better clue on where price is heading.
In the monthly TF, price is slightly above the mid of BB. If weather become more bearish, this could get tested.
Daily support/resistance on 12th May: 3.045, 3.047
Weekly support/resistance from 12th Jun - 16th Jun: 3.034, 3.015
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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