Natural Gas Prices Struggling at Support as a Falling Wedge Pattern Brews

Must read’s CRO is in bother, however a 50% worth rebound is in play’s native token Cronos (CRO) is displaying restraint on Nov. 14 towards mounting sell-pressure constructing within the wake of the FTX’s dramatic collapse final...

USD/TRY Forex Signal: Trading in Narrow Range

We count on the worth to say no from the present ranges earlier than rising once more.Today's suggestion on the lira in opposition to...

Quant (QNTUSD) Looks Promising on the $139.300 Resistance Value

Quant Price Forecast: February 13The Quant (QNTUSD) is on its technique to the overhead pattern ranges and appears promising on the $139.300 resistance worth....

British Pound Testing the Lows Again

I nonetheless look to fade rallies however would like to have seen an even bigger rally. The British pound has fallen to check the...

Natural Gas, Falling Wedge – Technical Update:

  • Natural gasoline costs struggling to clear key assist
  • 4-hour chart exhibits {that a} Falling Wedge is brewing
  • Still, the broader draw back technical bias holds

Trade Smarter – Sign up for the DailyFX Newsletter

Receive well timed and compelling market commentary from the DailyFX crew

Subscribe to Newsletter

Daily Chart – Support Holding Up

Natural gasoline costs have been aiming steadily decrease in latest weeks. This continues to comply with the trajectory of a bearish Head & Shoulders chart formation famous on the weekly chart. However, latest worth motion has been somewhat sluggish and regular as assist has been strengthened. This appears to be round 2.341, an inflection level established again in February.

This is holding as rapid assist. Breaking decrease exposes the February low at 1.967. Beyond the latter sits the underside from 2020 at 1.44. A significant push larger would possible entail clearing previous the 50-day Simple Moving Average (SMA) in addition to the March third excessive at 3.027. The broader technical outlook stays bearish, with the falling trendline from August sustaining the dominant draw back focus.

Chart Created Using TradingView

4-Hour Chart – Falling Wedge

Looking on the 4-hour setting will assist paint a clearer image of the near-term outlook. Natural gasoline costs have been buying and selling decrease inside the boundaries of a bullish Falling Wedge chart formation. This adopted a confirmatory breakout below the 50-period SMA. While costs stay within the formation, the rapid technical bias factors to a slight downward setting.

However, a confirmatory push above the Falling Wedge might open the door to an more and more bullish technical bias. That would entail closing above the 38.2% Fibonacci retracement stage at 2.622. That exposes the 23.6% stage at 2.777 earlier than the early March excessive comes into play. Otherwise, extending decrease has rapid assist on the 61.8% stage at 2.373.

Recommended by Daniel Dubrovsky

The Fundamentals of Breakout Trading

4-Hour Chart – Falling Wedge

Chart Created Using TradingView

— Written by Daniel Dubrovsky, Senior Strategist for

To contact Daniel, comply with him on Twitter:@ddubrovskyFX

aspect contained in the aspect. This might be not what you meant to do!
Load your utility’s JavaScript bundle contained in the aspect as a substitute.

More articles


Please enter your comment!
Please enter your name here

Latest article

Cathie Wood’s ARK sells Coinbase inventory for the primary time in 2023

Cathie Wood’s funding administration agency ARK Invest is shifting to take earnings from its Coinbase stash, promoting the primary batch of Coinbase inventory this...

Exness-Backed Crossover Markets Launches Crypto ECN

Crossover Markets Group, established final 12 months by two former Jefferies executives, introduced on Tuesday the launch of CROSSx, which is an execution-only cryptocurrency...

US Officials Consider Expanding Deposit Insurance Coverage

US officers are reportedly learning methods to broaden deposit insurance coverage protection to guard depositors and forestall capital from being pulled from smaller banks...

EUR/JPY Rebounds off the 78.60 Fibonacci Support Level

EUR/JPY worth motion crashed by the 50 and 61.80 Fibonacci assist ranges precisely seven buying and selling periods in the past. This downward worth...

Gold Price Technical Setup Seems Bearish Before Jerome Powell’s Anticipated Hike

Gold, XAU/USD, Federal Reserve, Jerome Powell - Briefing:Gold costs declined virtually 2% as Treasury yields fell on TuesdayMarkets have been pricing in swift Fed...