Technical Analysis of Daily Price Movement of Natural Gas Commodity, Tuesday May 02, 2023.
May 2, 2023 7:22 am
On the daily chart of Natural Gas commodity asset, there are quite a few interesting facts:
1. The Moving Average is in a condition where it crosses Death Cross, which means it is Bearish bias.
2. The appearance of the Bearish Continuation Rising Wedge pattern appears.
3. There are deviations between price movements and the Stochastic Oscillator indicator,
4. There is an Equal Low level (triple Top yellow circle).
Then, based on the four facts above, Natural Gas in the next few days has the opportunity to continue its decline to the level of 1,976 but if something happens that makes a significant upward correction so that this commodity asset breaks above the 2,551 level then the scenario of the decline described earlier most likely will be held for the next few days.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
On the daily chart of Natural Gas commodity asset, there are quite a few interesting facts:
1. The Moving Average is in a condition where it crosses Death Cross, which means it is Bearish bias.
2. The appearance of the Bearish Continuation Rising Wedge pattern appears.
3. There are deviations between price movements and the Stochastic Oscillator indicator,
4. There is an Equal Low level (triple Top yellow circle).
Then, based on the four facts above, Natural Gas in the next few days has the opportunity to continue its decline to the level of 1,976 but if something happens that makes a significant upward correction so that this commodity asset breaks above the 2,551 level then the scenario of the decline described earlier most likely will be held for the next few days.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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