Commodities
Natural Gas Hits Target, Sets Sights on 3.745 as Resistance Looms
Natural Gas (NG1!) has reached its target of 2.900 after a recent surge, according to TradingShot9's analysis on August 29. The asset broke above a Triangle pattern and entered a Channel Up trend, with the price already nearing the end of its Bullish Leg.
The long-term Resistance for Natural Gas is the 1W MA200 (red trend-line), which has been untouched since January 17, 2023. Until this level is breached, a new bullish trend cannot be justified.
TradingShot9's target for Natural Gas is 3.745, representing a +99.50% rise from the last Higher Low. This percentage rise mirrors the first Bullish Leg of the Channel Up pattern.