Natural Gas (NG) Forming 5th Straight Green Weekly Candle

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Natural Gas (NG) bounced more than 1.5% yesterday, continuing the upchannel (on the 4hr chart). Significantly, NG has reclaimed the 50% Fib retrace of the fall during the 1st two weeks of February, but is due for a pause as NG nears the 4hr chart's upchannel resistance. This week's storage figures released Thursday at 1030am EST could trigger a bit of profittaking, but the current 5th straight green weekly candle looks strong and unlikely to cede much ground post-storage. The bigger picture remains of NG trying to reverse a long term downchannel (on the weekly chart). The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying. I am looking to go long in the green zone (of the daily chart), targeting the red zone for late 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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