Natural Gas (NG) Breaking Above Descending Wedge Resistance

Natural Gas is breaking above a descending triangle resistance line on the weekly chart, and together with the bottoming RSI, Stochastics and MACD, appears to have a decent chance at targeting downchannel resistance around 3.5 in the next few months. The 2.5 level reached last week is not only a round psychologically important key figure but also acted as a pivot point several times in 2012. The current weekly green candle is bullishly occupying a price zone above last week's candle's body, and together with the prior red candle, hint to a strong reversal.

For my multiple timeframe analysis on Natural Gas, feel free to visit: tradablepatterns.com/tag/ng_f/

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