NG Possible Scenarios
We are in a downtrend and price has made lower lows and lower highs. Currently, price is moving up to retest the yellow broken level.
Since, we are in a downtrend, if price retests the yellow level and gets rejected from it, I expect a drop on NG to the marked green levels.
On the other hand, since price failed to break the last major low and could not make a lower low:
If price breaks the yellow level to the upside, we should wait for the red resistance level (last high) to be broken out to the upside and make a higher high, then we can expect a bullish reversal move on NG.
Since, we are in a downtrend, if price retests the yellow level and gets rejected from it, I expect a drop on NG to the marked green levels.
On the other hand, since price failed to break the last major low and could not make a lower low:
If price breaks the yellow level to the upside, we should wait for the red resistance level (last high) to be broken out to the upside and make a higher high, then we can expect a bullish reversal move on NG.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.