Natural gas is trading in the green at 2.660 trying to escape from a minor range. The price has broken above the downtrend line signaling that we may have a bullish reversal in the short term.
The price action has signaled a potential growth, but we still need strong confirmation before taking a long position. The volatility is high on this commodity after failing to reach the former higher high.
Natural Gas H4 Technical Analysis!
Technically, a potential new higher high, a valid breakout above the near-term resistance levels could signal a strong growth ahead. Natural Gas has retreated in the short term to test and retest the pivot point (2.595), the broken downtrend line, and the median line (ml) before jumping higher again.
A valid breakout above 2.696 former high, beyond the upper median line (uml), and through 38.2% could validate a further upwards movement on the H4 chart. The bullish scenario could be invalidated if the price drops below the lower median line (lml) and under the S1.
Conclusion!
The selling pressure is still high, that’s why we have to wait for the price to register a new higher high, to jump and stabilize above 38.2% (2.707) and beyond the upper median line (uml) before deciding to go long.
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