Natural Gas (NG) Retesting Weekly Chart Downchannel Resistance

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Natural Gas (NG) edged higher almost 1% yesterday leading into today's highly anticipated weekly storage report. NG is nearing the end of an ascending triangle (on the 4hr chart) and a somewhat symmetrical triangle (on the daily chart). A bullish report today at 1030am EST could complete both triangles and also be the catalyst for a decisive break above downchannel resistance (on the weekly chart) and a retest of the psychologically key 3 whole figure in the next few days or so. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for early next week. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).

Natural Gas (NG) Weekly/Daily/4hr

NG (Natural Gas) Technical Analysis

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