08Apr

Natural Gas Commodity Elliottwave Technical Analysis: Focusing on the Current Bearish Trend

Natural Gas Elliottwave Analysis

Natural Gas Day Chart Analysis

Natural Gas Elliottwave Technical Analysis

Mode - Impulsive

Structure - Impulse Wave

Position - Wave (ii) of 5

Direction - Wave (iii) of 5

Details:  Wave (ii) is completed and the price is now in wave (iii) and expected to extend to 1.35 or below. Wave 4 invalidation is around 2.00.

The journey of Natural Gas embarked on a bearish impulse wave pattern on August 22, 2022. Since then, the trend has persistently carved lower lows without revisiting previous highs, emblematic of the steadfast bearish sentiment prevailing in the market. Despite a minor bounce, the commodity has struggled to breach the low set on February 20, 2024. It's unlikely that this modest recovery will dissuade sellers from reentering the market. Ultimately, the price is anticipated to breach that low, signaling a continuation of the bearish trend. In today's blog post, we aim to scrutinize the extent of the bearish trend and forecast when a substantial recovery might materialize.

On the daily chart, the bearish trend since August 22, 2022, is identified as the 5th wave - circled as blue wave 5. This 5th wave is further subdivided into 5 waves, characteristic of an impulse wave. Presently, the price is within wave 5 of (3) of blue wave 5. However, wave 5 has yet to conclude - a prerequisite being a breach of the low recorded on February 20, 2024 (wave 3 low). This wave count remains valid as long as the price remains below the low of wave (1) (2.236).

Natural-Gas-Commodit...

 


TradingLounge Natural Gas Elliott Wave Analysis

Natural Gas 4-Hour Chart Analysis

Transitioning to the H4 timeframe, Wave 4 of (3) terminated around the 2.00 major level on March 5, 2024. Subsequently, wave 5 of (3) commenced, expected to finalize either as an impulse or an ending diagonal. The retracement observed from March 25 occurred at a critical supply zone, eliciting a downward reaction in price. Consequently, wave (iii) is currently unfolding, poised for confirmation upon a break below the low of wave (i) at 1.589. There's still ample room for bears to exert downward pressure on this commodity. The medium-term target for the culmination of blue wave 5 is projected to be 1.00, assuming price action unfolds as anticipated. In summary, the bearish trend remains steadfast and could persist below 2.00 in the near term. Traders should remain vigilant and adjust their strategies in line with the evolving market dynamics.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: Coffee

TradingLounge Once Off SPECIAL DEAL: Here > 1 month Get 3 months

TradingLounge's Free Week Extravaganza!

April 14 – 21: Unlock the Doors to Trading Excellence — Absolutely FREE

Natural-Gas-Commodit...

Related

Euro/U.S.Dollar EURUSD Elliott Wave Technical Analysis 25 October 23

Euro/U.S.Dollar EURUSD Elliott Wave Technical Analysis 25 October 23

In summary, the EUR/USD Elliott Wave Analysis for 23 October 23, is highly valuable for traders inte...

Read More >
AUDUSD Elliott Wave Analysis: Impulsive Wave 1 Signals New Trend with Key Support at 0.59150 and Entry Opportunity Ahead

AUDUSD Elliott Wave Analysis: Impulsive Wave 1 Signals New Trend with Key Support at 0.59150 and Entry Opportunity Ahead

AUDUSD forms orange wave 1 in a new impulsive trend, presenting potential retracement and long-entry...

Read More >
Elliott Wave Analysis: Long Trades,  S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200.

Elliott Wave Analysis: Long Trades, S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200.

Elliott Wave Analysis points towards an upward movement in major indices like the S&P 500, NASDAQ 10...

Read More >
Identified support levels and predicted price targets Analog Devices Inc. Stock: ADI Elliott Wave Technical Analysis

Identified support levels and predicted price targets Analog Devices Inc. Stock: ADI Elliott Wave Technical Analysis

This comprehensive Elliott Wave analysis of Analog Devices Inc. (ADI) for June 2024 offers a deep di...

Read More >
Bitcoin / U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 13 November 23

Bitcoin / U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 13 November 23

Bitcoin/U.S. dollar(BTCUSD) Elliott Wave Technical Analysis on 13 November 23 with BTCUSD Analysis D...

Read More >
Watch CAT Stock Progresses through its Current Market Structure Using Caterpillar Inc. (CAT) Elliott Wave Technical Analysis

Watch CAT Stock Progresses through its Current Market Structure Using Caterpillar Inc. (CAT) Elliott Wave Technical Analysis

This article provides a comprehensive Elliott Wave analysis of Caterpillar Inc. (CAT), examining bot...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on