Last summer the Power of the Pattern reflected a bullish INVERSE Head & Shoulder pattern was taking shape in Natural Gas (see bullish H&S pattern here) At that time NG was trading at $2.18.
In less than 6 months Natural Gas rose 90% following the post/formation of the right shoulder. Below is an update on Natural Gas-
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Why did the 100% rally stop on a dime at (1) in the chart above? I suspect it was the combo of falling channel and Fibonacci 50% retracement levels. Now NG is making another run to break above key resistance at (2) above.
A break above this crossroads of resistance would be a positive and odds are high a new round of buyers would come forward!