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Hello traders! The update and follow-up of Gas Natural’s short-term forecasts are here. I shared this on July 29 “Technical analysis – Short-term forecast of natural gas”Post to ours block. In this post, we summarize this configuration and see how it has developed now. For more information on our way of trading and the technical analysis we use, see the page Traders Academy Club. Spoiler alert: free subscriptions!
In Chart H1, the falling price is a bearish trend pattern in the form of three lower highs, lower lows that we can consider as bearish pressure tests. Overall, following a bearish trend pattern, we can expect the corrections to be lower. A double upward waveform correction currently appears to be occurring. As we measure the first wave of this correction, we have a key resistance zone that has been formed by Fibonacci expansion levels of 61.8% (4,063) – 100% (4,135). As long as this key resistance zone maintains my short-term vision, it will remain bearish here and I hope the price goes down even further.
Natural gas graph H1 (1 hour) Current scenario
Based on the aforementioned analysis, my short-term view was bearish here and I expected the price to go down even further until the key resistance zone is maintained. Following the bearish trend pattern, the correction I was looking for passed in the form of a double wave rising. The price reached the key resistance zone, respected it and bounced lower from that zone. Also from the Stochastic Oscillator we could see that the price had reached its extreme at this time. Then the price fell and fell below the most recent uptrend line, which we can consider as bearish pressure tests. Then the price dropped even further and was a good step towards the downside as I expected in my forecast.
(Note: here you can learn about Killer Forex’s “Dual Trend Principle” strategy)
So traders, that’s why I wanted to show you this example to help you understand the importance of following the facts. The facts supported the bearish view here and there were no signs against it. When the events happen as we expected, you will be able to see how the price moved perfectly according to plan. Because this is the kind of guidance that the market provides us most of the time and our obligation as traders is to be able to hear these things that the market tells us and we should try to take the right actions accordingly.
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