NATGAS BUY LONG

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Chart Analysis:
Structure: The chart displays a descending trendline that has been acting as resistance for a considerable period. Recently, the price has broken above this trendline, which suggests a potential shift from a bearish to a bullish trend. Additionally, there is an ascending trendline forming the base of an emerging wedge pattern, indicating increased buying pressure as the price is squeezed higher.

Fibonacci Levels: The chart shows that the price recently retraced to a support area, likely near key Fibonacci retracement levels (0.5 or 0.618). This area seems to have provided a strong base for the price, which is now showing signs of moving higher.

Two Scenarios: The chart suggests two possible bullish scenarios, indicated by the green zones. The first target is around 2.550-2.750 USD, and the second, more ambitious target, is around 2.800 USD. These levels align with potential resistance points where the price might encounter selling pressure.

Trade Setup:
Entry Point: The chart suggests entering a long position around the current price level, after the breakout of the descending trendline, which signals the end of the bearish trend and the beginning of a bullish phase.

Target Price: The trade aims for two potential target areas. The first target is in the vicinity of 2.550-2.750 USD, where traders might consider taking partial profits. The second target is around 2.800 USD, which is a more extended move based on the projected continuation of the bullish trend.

Stop Loss: The stop loss is strategically placed just below 2.079 USD, in the red zone. This is slightly below the recent low and the ascending trendline, providing a buffer against a false breakout and minimizing potential losses if the trade does not go as planned.

Conclusion:
This chart for NATGAS suggests a bullish outlook following the breakout from a long-term descending trendline. The setup is reinforced by the formation of a wedge pattern and the supportive Fibonacci retracement levels. The proposed trade aims to capture the upward momentum with clearly defined targets and a well-placed stop loss to manage risk effectively.
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