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Natural Gas dropped further through 6.28 intraday on Thursday as bears remain in control. The commodity is trading around the day's low at 6.28 and is expected to pull back towards 8.50 in the near term before turning lower again. Bears will be poised to hold prices below 9.65 to keep the near-term structure intact.
Natural Gas has produced a religious uptrend between 1.53, the low of January 2020, and 9.65. Also, note that it has surpassed the Fibonacci 0.618 extension projected at 9.55 as seen here on the daily chart. Ideally, prices should now drop in a meaningful corrective wave towards 4.63, which is the Fibonacci 0.618 retracement of the entire rally.
Natural Gas has produced its lower degree downswing between 9.65 and 6.28. Prices should be supported around the Fibonacci 0.382 retracement as seen on the chart and pull back through 8.50 in the near term. Bears will be inclined to come back in control thereafter and drag the price lower towards 4.63.
Potential short-term rally to 8.50, then lower again through 4.63 against 9.65
Good luck!
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
