NG is moving at a small range this week. It is still at that gap area. Either a test of the lower trend line or testing of the daily ichimoku cloud shall happen once there's a catalyst.
A elliott wave pattern can be seen. If a wave C is completed, this down move could probably be the start of a new leg down.
From the weekly TF, 2,8 shall be the first TP.
From 4hr chart, the 200 EMA/SMA is still a strong resistance to be overcome.
From the monthly TF, there could be a repeated pattern. From the left, the price has exceeded beyond the upper BB and the consequence is a very strong downwards move. Price has again exceeded (slightly) beyond the upper BB. Would the price move down again, at least to 2.5?
Daily support/resistance on 31st July: 2.933, 2.953
Weekly support/resistance from 31st July - 4th Aug: 2.935, 2.927 (NGU7: 2.925, 2.928)
Monthly support/resistance for Aug: 2.948, 2.856 (NGU7: 2.854, 2.941)
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
A elliott wave pattern can be seen. If a wave C is completed, this down move could probably be the start of a new leg down.
From the weekly TF, 2,8 shall be the first TP.
From 4hr chart, the 200 EMA/SMA is still a strong resistance to be overcome.
From the monthly TF, there could be a repeated pattern. From the left, the price has exceeded beyond the upper BB and the consequence is a very strong downwards move. Price has again exceeded (slightly) beyond the upper BB. Would the price move down again, at least to 2.5?
Daily support/resistance on 31st July: 2.933, 2.953
Weekly support/resistance from 31st July - 4th Aug: 2.935, 2.927 (NGU7: 2.925, 2.928)
Monthly support/resistance for Aug: 2.948, 2.856 (NGU7: 2.854, 2.941)
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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