Natural gas weakness is a buying opportunity

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August 28, 2017
What?no EURUSD parity now?
August 28, 2017

Natural Gas is down 0.85% now approaching the 61.8% Fibonacci retracement of the rise from 2.80 to 3.036 (October contract). I have been bullish Natural Gas the last few weeks but last Friday I warned that a break below the short-term support trend line would be a short-term bearish sign.

Continuation chart

 

I closed my longs on Friday and subscribers were notified by an sms.

My view remains bullish, BUT we have to see a reversal to the upside soon. We have to see the 61.8% defended. Confirmation of my bullish view will come once we break through the Kumo (cloud) resistance at 3.

In terms of the October contract I want  a break above 2.98. In Ichimoku terms trend is bearish. This will change on a break above the cloud. Elliott wave wise we should  be in the corrective wave C down of wave 2, taking into account that the rise from 2.754 to 3.017 is wave 1.

Currently I have no position in NG but I’m looking to go long again.

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.