NG has a bearish week. It dropped back to the level of gap and break below the mid of BB. A bounce to test the ichimoku or a drop to test the lower channel is possible next week.
From the weekly TF, price is below the mid of BB, signalling weakness. It could test the intersection between the ichimoku cloud and the lower BB, highlighted in yellow.
From the monthly TF, price is still above the mid of BB. A possible test of it is still possible. But watch out below as there is quite a good support.
From the 4hr chart, it is bouncing from the ichimoku and a bounce is still possible.
Overall, NG needs a strong catalyst to move the price up or down convincingly otherwise it could be trading at a small range next week.
Daily support/resistance on 24th July: 2.97, 2.991
Weekly support/resistance from 24th July - 28th July: 2.982, 3.026
Monthly support/resistance for Jul: 3.025, 2.992 (NGQ7: 3.033, 3.018)
Monthly support/resistance for Jun: 3.135, 3.246 (NGN7: 3.148, 3.284)
2017 Yearly support/resistance: 3.415, 2.757
From the monthly TF, price is still above the mid of BB. A possible test of it is still possible. But watch out below as there is quite a good support.
Overall, NG needs a strong catalyst to move the price up or down convincingly otherwise it could be trading at a small range next week.
Daily support/resistance on 24th July: 2.97, 2.991
Weekly support/resistance from 24th July - 28th July: 2.982, 3.026
Monthly support/resistance for Jul: 3.025, 2.992 (NGQ7: 3.033, 3.018)
Monthly support/resistance for Jun: 3.135, 3.246 (NGN7: 3.148, 3.284)
2017 Yearly support/resistance: 3.415, 2.757
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