Monday, June 29, 2020

Bullish Setup On Natural Gas

Marco Tosoni

FХ Strategist & Financial Commentator

After a bullish technical correction culminated with a top around 2.255 area, during the months of May and June, the natural gas is come back into its long-term bearish climax with a new swing that has pushed the prices towards 1.53 area setting a new bottom.

During the last Friday trading session, anyway, natural gas has tried a first slight bounce with a test of 1.58 area and a weekly closure around 1.554.

The average true range is continually falling and it should be ready for a bounce and to increase the activity on this commodity.

Looking at the RSI indicator, we can detect a bullish signal, that could favour a short-term bounce, especially in combination with the test of the important support area nearby 1.58 area.

The setup would be activated in case of a breakout of last week’s top at 1.1850. The stop loss could be placed at 1.51 below the historical bottom, while the target price can be expected at 1.66 around the top set on last Thursday’s session.

As always I recommend to trade carefully and to plan at best every move. Don’t forget to subscribe to NBHM YouTube Channel to stay up to date with the financial markets! Have a good trading and see you for the next video.

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