Last week, bullish report but bearish reaction. Price has reached the mid of BB in the daily TF. If a bounce is not seen, price could test 2.8 and lower.
In the 4 hr TF, a HS and double top pattern is spotted and the measured target is around 2.8.
In the monthly TF, Sept is a doji candle which means market is undecided to bring NG further up before winter. Price could retreat back to mid of BB again before winter rally occur.
In the weekly TF, we see shooting star and doji for the last 2 weeks. It confirms that market is not ready for higher price yet until more confirmation of super cold winter coming. Price may correct back to mid of BB which is around 2.7s
Let's see if price bounce from monthly support/resistance. Holding below will not be good for bulls.
Daily support/resistance on 3rd Oct: 2.935, 2.914
Weekly support/resistance from 3rd Oct - 7th Oct: 2.968, 2.925
Monthly support/resistance for Oct: 2.896, 2.882, 2.93, 2.984
In the 4 hr TF, a HS and double top pattern is spotted and the measured target is around 2.8.
In the monthly TF, Sept is a doji candle which means market is undecided to bring NG further up before winter. Price could retreat back to mid of BB again before winter rally occur.
Let's see if price bounce from monthly support/resistance. Holding below will not be good for bulls.
Daily support/resistance on 3rd Oct: 2.935, 2.914
Weekly support/resistance from 3rd Oct - 7th Oct: 2.968, 2.925
Monthly support/resistance for Oct: 2.896, 2.882, 2.93, 2.984
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