NATURAL GAS - BAT PATTERN IN MAKING
NATURAL GAS is printing a bullish bat pattern. It is still in early stage as point C has defined its place. Pattern will complete at point D which is projected at 4.
The price has already been rejected at the key resistance on the daily chart, and RSI is headed downwards. There has also been a continuous decrease in volume from the first time the price tested the key resistance.
This may confirm that the price doesn’t have enough momentum to break through the resistance and is now set for a correction. There are a lot of contributing factors pointing to a bearish scenario for natural gas. Although the price might be bearish, watch out for relief pumps, especially on the support levels.
What do you think of the idea?
The price has already been rejected at the key resistance on the daily chart, and RSI is headed downwards. There has also been a continuous decrease in volume from the first time the price tested the key resistance.
This may confirm that the price doesn’t have enough momentum to break through the resistance and is now set for a correction. There are a lot of contributing factors pointing to a bearish scenario for natural gas. Although the price might be bearish, watch out for relief pumps, especially on the support levels.
What do you think of the idea?
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