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Natural Gas upside potential and the level bulls need to break


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Natural Gas futures are rising in an impulsive pattern and so far follow textbook wave patterns that favor the bullish scenario. However price remains trapped in a trading range and bulls need to show signs of strength for a confirmed break out to happen.
NG
Since November lows where volume was very high, price has staged an impulsive upward move with 5 clear wave s topping around 3.23. A corrective pull back of three waves have followed towards the 61.8% Fibonacci retracement which is a typical wave 2 retracement area. Price is now bouncing strongly upwards from that Fibo level.
A zoomed out view shows price trapped inside the black trading range and inside a long-term triangle pattern. We have confuence of resistance at 3.23-3.24 for current month contracts. Breaking above this level will be a very bullish signal that will at least push price towards 3.45. A rejection at the upper triangle boundary has already pushed price towards 3, but a break below it could push price towards the lower triangle boundary at 2.81. Patience is important.


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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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