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Natural Gas hits support


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Natural Gas is in a corrective phase and in a buying opportunity pull back from recent highs. Price is rising in an impulsive pattern and has broken out of the long-term triangle pattern.
Natural Gas has broken the bullish channel, RSI was diverging, and has now reached the Ichimoku cloud support at 3.09-3.07 price area. This is also the 38% Fibonacci rertacement of the rise from 2 month lows. I believe that this support has a lot of chances to hold and produce a new upward wave that will bring price towards 3.30.
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In a longer-term basis, price has broken out and above a consolidating triangle pattern and is now back testing the upper triangle boundary from the outside. A successfull re-test this will be if price respects support and starts to bounce higher from current levels. This pull back is a nice buying opportunity and I believe NG has a lot of chances to have already completed the pull back.


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About the author


Alexandros has been actively trading for more than 15 years. After successfully completing his MSC degree in International Securities Investment and Banking in one of the top European Business Schools,

he became a certified derivatives trader in the Greek Stock market. Shortly after he started working on the fx and international securities desk of a brokerage company,

while passing his exams to become a Portfolio Manager. He is now working as head of the Portfolio Management team in one of the Greece's top brokers,

trading in the Greek and international exchanges.  Alexandros has also been running his own personal website www.trading2day.com,

providing analysis for more than 5 years and has been active on twitter sharing his views in real time to his more than 4000 followers.

Alexandros is also working as a daily analyst for Gold and the Dollar index for InstaForex Company.   His main tools are Ichimoku clouds,

classical technical analysis and Elliott waves, while scanning 4hour, daily and weekly charts.

 

Contributing author since 10/10/2017 

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