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Bullish NatGas targeting 3.20

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Natural Gas futures have most probably completed their corrective pull back towards 2.72 from 3.66. This move lower could be seen as an impulsive move lower so the minimum upside I currently expect is a move towards 3.20.
Price is breaking above the downward sloping blue trend line resistance. Price is expected to move towards the 38% and 61.8% Fibonacci retracement levels. This is my minimum bounce area, shown by the green rectangle. Short-term resistance is at 2.78 and next at 2.88. A move above 2.88 will confirm the reversal has started.
Yesterday's daily candle is a dragonfly doji, which in this case is a sign of a bullish reversal. I'm bullish NG futures at current levels expecting price to move higher towards 3.20.

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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, 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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