NG1! in oversold zone. Technical bounce target 2.789 , 3.37, 4.0

Natural Gas has dropped more than 43% since start of 2023, it's heavily oversold and hitting a major support zone (2.45 - 2.20 levels) , highlighted in blue box. In my previous post, I had a target of 2.33 as per Fib measured levels. I strongly believe we have seen bottom in NG short term, might go lower some more to test the support zone and build a base.

Short term I'm expecting NG to technically bounce to target 2.789, 3.37 levels (white lines).. Best case might test the $4 levels, where the down sloping pink line meets.

For any reason, if 2.20 support levels get broke, we might see lower target $1.795 and 1.44.. I believe we might see these downside targets only after a technical bounce 2.789, 3.37 levels.

Let me know your thoughts in comments section

تعليق:

2.20 critical support level failed.. next support level at $1.795..

تعليق:

This is 2h chart. NG given a channel breakout. I believe $2 is near term bottom and we can see technical bounces.. resistance levels marked with yellow horizontal lines.

تعليق:

This is weekly week of the same chart.. NG briefly pierced 2.20 levels and hit $2 levels and bounced back to close above support 2.45 levels. This looks like a short term bottom in NG and we'll see technical bounces to hit $2.8 levels next week... NG needs to consolidate for next few weeks and build some base at this levels to hit the $3.37 and $4 targets..

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Target 1 $2.789 reached today, high was $2.839 .. I believe NG will consolidate in a range to form a bull flag before hitting next target $3.37 ..