NatGas bullish opportunity on horizon

<p><strong>By <a href="http://investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a></strong></p>
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<li><span lang="EN-US" xml:lang="EN-US">NatGas busy with correction wave in uptrend</span></li>
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<li><span lang="EN-US" xml:lang="EN-US">Weekly support may trigger long opportunity</span></li>
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<li><span lang="EN-US" xml:lang="EN-US">Prices trading above 100 EMA on H4 chart </span></li>
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<li><span lang="EN-US" xml:lang="EN-US">3 potential bullish targets identified  </span></li>
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<li><span lang="EN-US" xml:lang="EN-US">Bullish scenario invalidated below 2.729</span></li>
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<h3><span lang="EN-US" xml:lang="EN-US">US natural gas prices have been at the receiving end of sustained bullish momentum for some time now.</span></h3>
<p><span lang="EN-US" xml:lang="EN-US">The commodity jumped last Friday as cold weather across the United States boosted the demand outlook for heating. </span></p>
<p><span lang="EN-US" xml:lang="EN-US">After a final push last week, a fresh resistance level was reached but not breached. At the resistance level a correction wave started, and this might have enough momentum to reach a previous weekly support level. If the level is reached and holds, a long opportunity might ensue. </span></p>
<p><img loading="lazy" decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/NatGasDaily_16012024.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="f609ffe9-0237-45da-bfdc-94b2582e5819" data-src="/s3-static/users/user17/NatGasDaily_16012024.png" /></p>
<h3><span lang="EN-US" xml:lang="EN-US">A look at the 4-hour time frame will produce more understanding.</span></h3>
<p><span lang="EN-US" xml:lang="EN-US">The 4-hour chart is busy with a down trend as the daily trend correction wave plays out. <strong>The 4-hour 100 Exponential Moving Average (EMA)</strong> as well as the Moving Average Convergence Divergence (MACD) are still in bullish mode and the 100 EMA confirms the possible support level around <strong>2.874</strong> as indicated by the weekly support level. </span></p>
<p><span lang="EN-US" xml:lang="EN-US">If the price reaches the <strong>2.874 level </strong>then a long opportunity becomes possible.</span></p>
<p><span lang="EN-US" xml:lang="EN-US">Attaching a modified Fibonacci tool to the trigger level at 2.987 and dragging it to the below daily support level at 2.729, three possible </span><span lang="EN-US" xml:lang="EN-US">targets can be established:</span></p>
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<h3><span lang="EN-US" xml:lang="EN-US">The first target is possible at 3.146 (Target 1). </span></h3>
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<h3><span lang="EN-US" xml:lang="EN-US">The second price target is likely at 3.374 (Target 2).</span></h3>
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<h3><span lang="EN-US" xml:lang="EN-US">The third and last price target is feasible at 3.554 (Target 4) if buyers are able to press through the next weekly resistance level at 3.460. </span></h3>
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<p><span lang="EN-US" xml:lang="EN-US">If the price at <strong>2.729 is broken</strong>, this scenario is no longer applicable. </span></p>
<p><img loading="lazy" decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/NatGasH4S.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="bb0376bd-4d7b-46c7-9509-eee795d17f0e" data-src="/s3-static/users/user17/NatGasH4S.png" /></p>
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<p><img loading="lazy" decoding="async" class="size-full wp-image-54242 alignleft" src="https://www.investmacro.com/articles-analysis/wp-content/uploads/2014/07/Forex-Time-Logo.png" alt="Forex-Time-Logo" width="262" height="90" /><strong>Article by <span><a href="https://www.investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a></span></strong></p>
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