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July 4, 2018
Θα δούμε κάτω από 735 στον ΓΔ? και μετά τι?
July 5, 2018

Good day to all. We have been monitoring closely the NatGas price while it has been rang trading between 2.87-3$ for the last few weeks. Finally the bearish divergence signs that warned us have paid us. Price has broken down below the trading range and I believe a big move lower towards 2.60$ at least should be expected over the coming weeks.

Resistance is at 3.00$. Next support is at 2.75$. As our colleague Dimitris Kontoulis has been pointing out every Saturday at the Natural Gas week ahead preview, any bounce towards 3$ should be seen as a selling opportunity and we would only turn bullish above 3.10$.

The longer-term lower channel boundary is at 2.43$ but strong support is first found at 2.60$ area. This would be a perfect place to take partial profits. I believe that trend has changed and a new downward leg has already started. Bulls need to be very cautious and bears should only worry on a break above 3$.

 

Thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.