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Natural Gas Daily Technical Analysis | 5 February 2018

2018-02-05 09:53 am | Resource: Technical Analysis Section | No Views : 299

The natural gas is trading in a bearish direction forming on the 240-minute timeframe as a result of the break of the bullish trend line and also due to the formation of a lower peak than the other
 
Natural Gas Daily Technical Analysis | 5 February 2018

The gas is trading in a bearish trend under formation, and the SMA 20 is bearish.
Note from the previous chart, breaking the neckline of the negative head and shoulders pattern (we will mention the target below)
Momentum RSI 14 is trading in a bearish direction as it broke the ascending trend line at the end of last month's trading.
It is expected that if natural gas breaks $ 2.83, it might target $ 2.48 on the other side, if a break of 2.91 could target $ 3.17.
Support: 2.75- 2.647- 2.50
Resistance: 3.06 - 3.21 - 3.56
Trend: Down


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