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NATGAS Stretches into Resistance- Bulls In Control Above 3.23

NATGAS Stretches into Resistance- Bulls In Control Above 3.23

2017-05-12 15:00:00
Michael Boutros, Strategist
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Talking Points

  • NATGAS vulnerable to near-term pullback- constructive above 3.23
  • Updated targets & invalidation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

NATGAS Daily

NATGAS Daily Chart

Technical Outlook: NATGAS broke above channel resistance this week with the rally through the monthly opening range highs / 50% retracement shifting the focus higher. The advance is now targeting a near-term resistance confluence around 3.35 where the 61.8% retracement of the December decline converges on the median-line slope of the ascending pitchfork formation extending off the yearly low. The immediate topside bias is vulnerable below this level but the trade remains constructive while above 3.23.

Check out our 2Q projections in our Free DailyFX Trading Forecasts

NATGAS 240min

NATGAS 240min Chart

Notes:A closer look at price action further highlights this resistance region. Look for initial support at 3.30 with our focus higher while above 3.23. A break below the monthly open at 3.18 would be needed to shift the broader focus back to the short-side (broader bullish invalidation).

From a trading standpoint, we’ll be looking to fade weakness while within this formation with a topside breach targeting the upper parallel (red) backed by a key Fibonacci resistance range at 3.50/55.

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Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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