NG has a solid green weekly candle this week. It bounces off the support from the lower trend line and ichimoku cloud. It is approaching the resistance area soon. Will this be broken?
In the daily TF, price is currently resisted by the ichimoku cloud. the candle is getting smaller after a bullish inventory report. Traders are getting cautious. It may test the resistance up there and should the ichimoku cloud resistance prove too strong, oil might collapse back to the lower channel.
A graveyard candle is seen in the 4hr chart. Usually it is a bearish sign but if price move above it and hold, the trend might continue and might reach the purple trend line.
In the monthly TF, the 20 SMA or the mid of BB is slopping up which provides some kind of hint that the trend is up in the long term. As for now, weather dictates short term movement.
Daily support/resistance on 14th Aug: 2.987, 2.980
Weekly support/resistance from 14th Aug - 18th Aug: 2.881, 2.954
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)
2017 Yearly support/resistance: 3.415, 2.757
In the daily TF, price is currently resisted by the ichimoku cloud. the candle is getting smaller after a bullish inventory report. Traders are getting cautious. It may test the resistance up there and should the ichimoku cloud resistance prove too strong, oil might collapse back to the lower channel.
In the monthly TF, the 20 SMA or the mid of BB is slopping up which provides some kind of hint that the trend is up in the long term. As for now, weather dictates short term movement.
Weekly support/resistance from 14th Aug - 18th Aug: 2.881, 2.954
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)
2017 Yearly support/resistance: 3.415, 2.757
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