• Home
  • Contact
  • Privacy Policy
  • Store
my forex coaching
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
my forex coaching
No Result
View All Result
Home Technical Analysis

Prices Reverse 20% as Broader Bearish Bias Holds

Forex Tips by Forex Tips
March 12, 2023
in Technical Analysis
0
Prices Reverse 20% as Broader Bearish Bias Holds
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Natural Gas, Strongest Weekly Rally Since Mid-July – Technical Update:

  • Natural gas prices teased traders, sinking almost 20% after solid gains
  • Broader technical directional bias seems to remain pointedly bearish
  • Keep a close eye on a Falling Wedge chart formation on the 4-hour

Trade Smarter – Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX team

Subscribe to Newsletter

Weekly Chart – Worst 5-Day Performance Since December

Natural gas prices sank almost 20% last week, marking the worst 5-day period since December. This followed a couple of weeks of upside price action that was quickly reversed. Having said that, the commodity needs to make further downside progress to technically argue that prices are readying to extend the dominant downtrend. The breakout under a bearish Head & Shoulders chart formation at the end of 2022 remains in play. Down the road, that could guide prices down to lows from 2020, making for a key range of support between 1.44 and 1.612.

Weekly Chart – Worst 5-Day Performance Since December

Chart Created Using TradingView

Daily Chart – Prices Aiming for a Retest of the February Low?

Taking a look at the daily chart, natural gas closed at the lowest since February 23 at the end of last week. Prices were unable to test the 50-day Simple Moving Average (SMA), which continues to offer a downside technical bias and key resistance point. Now, prices are facing the February low at 1.967. Around this price is a key area of support that has been in play since last month. As such, the near-term view seems to be neutral. Clearing support would open the door to extending the dominant downtrend. Otherwise, turning higher places the focus on the 23.6% Fibonacci retracement level at 3.2973.

Daily Chart – Prices Aiming for a Retest of the February Low?

Chart Created Using TradingView

4-Hour Chart – Falling Wedge in Focus

Zooming in further on the 4-hour chart can give us a better picture of what we could expect specifically in the week ahead. A breakout under a bearish Rising Wedge from early March remains in play, offering a very short-term downward bias. But, there is a caveat.

Since the beginning of this month, a bullish Falling Wedge chart formation has been brewing. It seems that very soon, we will see a breakout occur. An upside push through the ceiling could open the door to a turn higher toward the early March high at 3.027. But, keep a close eye on the 100-period SMA. Prices confirmed a breakout under the latter, opening the door to downtrend resumption.

Recommended by Daniel Dubrovsky

The Fundamentals of Breakout Trading

4-Hour Chart – Falling Wedge in Focus

Chart Created Using TradingView

— Written by Daniel Dubrovsky, Senior Strategist for DailyFX.com

To contact Daniel, follow him on Twitter:@ddubrovskyFX





Source link

Share76Tweet47

Related Posts

Our data shows traders are now net-short Wall Street for the first time since Mar 07, 2023 when Wall Street traded near 32,870.10.

Our data shows traders are now net-short Wall Street for the first time since Mar 07, 2023 when Wall Street traded near 32,870.10.

by Forex Tips
March 20, 2023
0

Number of traders net-short has increased by 13.24% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIWall StreetBULLISH49.54%50.46%-14.36%...

Falling Wedge Remains in Play on the 4-Hour

Falling Wedge Remains in Play on the 4-Hour

by Forex Tips
March 20, 2023
0

Natural Gas, Falling Wedge, Week Ahead – Technical Update:Natural gas fell 12.5% from last week’s high to the closeThe...

Our data shows traders are now net-short NZD/USD for the first time since Mar 02, 2023 when NZD/USD traded near 0.62.

Our data shows traders are now net-short NZD/USD for the first time since Mar 02, 2023 when NZD/USD traded near 0.62.

by Forex Tips
March 17, 2023
0

Number of traders net-short has increased by 23.68% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OINZD/USDBULLISH49.89%50.11%-18.75% Daily-19.86%...

Dow Jones and S&P 500 Volatility Risk Elevated, Compounded by Retail Trader Bets

Dow Jones and S&P 500 Volatility Risk Elevated, Compounded by Retail Trader Bets

by Forex Tips
March 16, 2023
0

Dow Jones, S&P 500, Retail Trader Positioning, Technical Analysis – IGCS Equities UpdateDow Jones and S&P 500 remain vulnerable...

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

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

by Forex Tips
March 16, 2023
0

Natural Gas, Falling Wedge – Technical Update:Natural gas prices struggling to clear key support4-hour chart shows that a Falling...

Load More

Recent Posts

  • Forex Tips: Facebook Stock
  • Fed Barkin: The case for raising rates this week was pretty clear
  • Venture capitalists bail on Zipmex bailout, company warns of consequences: Report
  • EUR/USD Takes a Breather as Prices Test Support
  • Eurozone March consumer confidence flash-19.2 vs -19.0 prior
Forex Pulse Detector

Categories

  • Alerts
  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.