- NATGAS exposed to near-term pullback- constructive above 3.23
- Updated targets cancellation levels
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Technical Outlook: NATGAS pennyless above channel insurgency this week with a convene by a monthly opening operation highs / 50% retracement changeable a concentration higher. The allege is now targeting a near-term insurgency connection around 3.35 where a 61.8% retracement of a Dec decrease converges on a median-line slope of a descending pitchfork arrangement fluctuating off a yearly low. The evident topside disposition is exposed next this turn though a trade stays constructive while above 3.23.
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Notes:A closer demeanour during cost movement serve highlights this insurgency region. Look for initial support during 3.30 with a concentration aloft while above 3.23. A mangle next a monthly open during 3.18 would be indispensable to change a broader concentration behind to a short-side (broader bullish invalidation).
From a trade standpoint, we’ll be looking to blur debility while within this arrangement with a topside crack targeting a top together (red) corroborated by a pivotal Fibonacci insurgency operation during 3.50/55.
Other Setups in Play:
- USD/JPY Bulls Look to Re-Assert Control Ahead of Key US Data
- USDMXN Responds to Wall of Resistance
- GBP/USD: Rally Under Review- Bank of England Super Thursday on Deck
- NZD/USD: Vulnerable Ahead of RBNZ – Range Break in Focus
– Written by Michael Boutros, Currency Strategist with DailyFX