NG has a bearish week. It is currently resting at the daily mid of BB (20 SMA). It could bounce and test the ichimoku cloud or it could just break below the 20 SMA and back to the lower line of the descending channel. Since it is price is currently below the ichimoku cloud, 200 EMA/SMA, the trend continue to be bearish.
In the weekly TF, the ichimoku cloud is still supporting the price. But price is below the 20 SMA and 200EMA/SMA. It seems that the bearish sentiment prevails at the moment.
In the 4hr chart, price is currently resting at a strong support. And the 200 SMA/EMA is currently pressing the price down. Would the hurricane helps NG bulls overcome the resistance? We shall see.
Daily support/resistance on 28th Aug: 2.903, 2.917
Weekly support/resistance from 28th Aug - 1st Sept: 2.937, 2.91
Monthly support/resistance for Sept: 2.986, 2.91 (NGV7: 2.994, 2.922 )
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 weekly TF, the ichimoku cloud is still supporting the price. But price is below the 20 SMA and 200EMA/SMA. It seems that the bearish sentiment prevails at the moment.
In the 4hr chart, price is currently resting at a strong support. And the 200 SMA/EMA is currently pressing the price down. Would the hurricane helps NG bulls overcome the resistance? We shall see.
Daily support/resistance on 28th Aug: 2.903, 2.917
Weekly support/resistance from 28th Aug - 1st Sept: 2.937, 2.91
Monthly support/resistance for Sept: 2.986, 2.91 (NGV7: 2.994, 2.922 )
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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