Natural Gas: Repeated Failed Attempts To Sustain Are Evident Enough
Satendra Singh | Jan 24, 2018 09:16AM ET
The date was December 28, 2016, the time was exactly same, day was also same Wednesday as it is today on January 24th, 2018, Natural Gas was trading at the same level as now at the same day at the same level after formation a new peak. But the failed repeated attempt of natural gas bulls resulted in formation of an “Exhaustive Candle” what it was termed as just after seven weeks; and the final results afterward was win-win situation for natural gas bears on February 22nd, 2017 when Natural Gas futures price touched the level of $2.645.
On analysis of the movement of Natural Gas futures price, I find the most of the similarities are going to repeat the same scenario once again this time too. One of the most important repetitive feature is “failed attempts” at the same time in the same zone which are evident enough to convert this peak into an "Exhaustive Candle" and make the possiblities of afterward downward moves.
Natural Gas Futures Price Charts on December 28th, 2016 and afterwards moves
Natural Gas Futures Price Current Chart on January 24th, 2018
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