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Natural Gas
With all technical conditions supporting weakness in #NG, then in the near term Natural Gas has the potential to test its nearest support level.
Key Levels
1. Resistance. 2 : 2.685
2. Resistance. 1 : 2.613
3. Pivot : 2.558
4. Support. 1 : 2.486
5. Support. 2 : 2.431
Tactical Scenario
Pressure Zone: If the price breaks down below 2.486, there is potential for continued pressure toward 2.431.
Momentum Extension Bias: If 2.431 is broken to the downside, there is potential for the weakening to continue to 2.359.
Invalidation Level / Bias Revision
The downside bias is restrained if the price strengthens and breaks above 2.685.
Technical Summary
EMA(50) : 2.543
EMA(200): 2.594
RSI(14) : 40.54
Economic News Release Agenda:
Today the United States will release the following economic data:
US - ADP Weekly Employment Change - 19:15 WIB
US - HPI m/m - 20:00 WIB
US - S&P/CS Composite-20 HPI y/y - 20:00 WIB
US - CB Consumer Confidence - 21:00 WIB
US - Richmond Manufacturing Index - 21:00 WIB
US - API Weekly Statistical Bulletin - 03:30 WIB
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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