The Natural Gas or XNGUSD daily price action chart has formed a Bearish Engulfing Bar (BEEB) engulfing the previous two candles. This engulfing bar has formed after a large run higher in recent times with price having made a steep climb off a double low.
As the daily chart shows below; price was down at extreme lows before forming a base and double low. It was this final test of the support and double low that gave price the order flow needed to start the turn around back higher.
Price has now formed the BEEB against this recent move higher and up at a swing high rejecting a daily resistance level. If price can break lower and confirm the the engulfing bar, the near term support comes in around the 2.9500 area.
From there if price can break lower, the 2.8880 area could be the next area of support for price to move into.
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NAT GAS v USD Daily Chart
Hi Eric,
you can read about the broker we recommend, what should be looking for in a broker & why you need to use the correct New York close charts here; https://www.forexschoolonline.com//recommended-forex-broker-charts-price-action-traders/
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Safe trading,
Johnathon
Hi, what broker do you use to trade? I’m guessing you use one with decent swap rates and one that includes commodities. Would be much appreciated!