NG is a little bearish this week. A dark cloud candlestick can be seen in the week TF though it is not formed at the top of the chart pattern. If the upper downtrend channel has become the support and the weekly ichimoku cloud seems to be acting as a support so far, a bounce could be coming. Or it might go back to test the lower channel.
From the daily chart, we see ichimoku cloud is acting as a resistance. 200 SMA/EMA are within the ichimoku. Bulls need to break this barrier before NG can have a solid rally. Right now, price is supported by 20 SMA or mid of BB. A bounce could be coming if it holds.
From the 4 hr chart, ichimoku is currently hold the price. If there is a gap down on sun/mon opening, this could act as a resistance.
Daily support/resistance on 21st Aug: 2.892, 2.907
Weekly support/resistance from 21st Aug - 25th Aug: 2.902, 2.937
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
From the daily chart, we see ichimoku cloud is acting as a resistance. 200 SMA/EMA are within the ichimoku. Bulls need to break this barrier before NG can have a solid rally. Right now, price is supported by 20 SMA or mid of BB. A bounce could be coming if it holds.
From the monthly chart, price is still resting at the support.Mid of BB is slopping up though a test of 2.5 cannot be ruled out. Let's see if weather is on bull or bear side.
Daily support/resistance on 21st Aug: 2.892, 2.907
Weekly support/resistance from 21st Aug - 25th Aug: 2.902, 2.937
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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