NG is slightly bearish this week, with a red hammer forming. Price looks to be back inside the descending channel. Does it mean it is going to bounce soon?
If NG is going to bounce next week, probably gap could be closed, And next week is option and contract expiration.
In the 4hr TF, we can see a small island below. Would there be an island reversal soon or would the island be forming a deeper and bigger island first?
From the monthly TF, price is very near the mid of BB. It seems like NG wants to test that support again. Would that support be tested soon?
Daily support/resistance on 26th May: 2.92, 2.918
Weekly support/resistance from 26th Jun - 30th Jun: 2.918, 2.913
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
If NG is going to bounce next week, probably gap could be closed, And next week is option and contract expiration.
In the 4hr TF, we can see a small island below. Would there be an island reversal soon or would the island be forming a deeper and bigger island first?
From the monthly TF, price is very near the mid of BB. It seems like NG wants to test that support again. Would that support be tested soon?
Daily support/resistance on 26th May: 2.92, 2.918
Weekly support/resistance from 26th Jun - 30th Jun: 2.918, 2.913
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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