Natural Gas: 3 Bar Pullback Setup Suggests a Low Risk Trading Opportunity

Natural gas had witnessed a nice bullish attempt from low of 155.40 to high of 198.30 and then started consolidating in a symmetric triangle. Recently it has climbed above the down sloping trend line of this symmetric triangle. Prices are also getting support near 20 periods EMA. MACD has climbed above zero line and staying above its signal line that also hints positivity in this counter. 3 bar pull back setup is clearly visible on daily chart. Today natural gas is trading with positive bias after staying negatively biased for last 3 days.

Recommendation: Based on the chart and explanations above buying natural gas around 182-180 with stop loss below 177.50 for targeting 195-205 and more upside might be appropriate in short term.

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