After losing almost 80% after our call on Triple Top in August 2022, NG daily closure signals a possible reversal.
In today’s daily report we will evaluate candles which $NG, $BOIL and $KOLD formed, discuss technical events, talk about the short term perspective.
Following the oversold conditions I discussed yesterday, NG bounced and closed the daily and 2D candles with bullish reversal combos. If they are confirmed in the next 1-2 days, NG will rally at least for a few days.
The larger candles and the long term odds were discussed in details in the Monthly Report which can be viewed here.
$UNG, $BOIL and $KOLD were more assertive. Their daily Engulfing candles flip the odds and the moves in the same direction are expected for at least one more day.
If the bullish reversal is confirmed tomorrow, NG can follow the blue path (primary), possibly rallying 27-50%. If the reversal is not confirmed, the red path will remain in effect.
Both path and the long term picture were discussed in details in the last Weekly Report on Saturday:
The NG daily odds flipped bullish with a better chance to advance from there. If the move is confirmed tomorrow, NG could rally 27-50% until the end of March.
The bigger picture was discussed in the latest weekly report and it remains unchanged.
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