NatGas in danger of pull back towards 3.01

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Natural Gas is trading around 3.20 in an upward sloping wedge pattern. I will be bearish NG if we see the wedge pattern being broken downwards. The RSI has been diverging since 3.14 top was made. I believe that although the longer-term trend might be to the upside, NG should pull back towards 4 hour cloud support near 3.01.

First important support is at 3.19-3.185$. Breaking below this level will be given my sell signal. 3.14 is my next support. Breaking below that level as well will confirm my view for a push towards 3.01.

So bulls need to be very cautious as this bull run is expected to end soon.

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.