By ForexTime
The commodity jumped last Friday as cold weather across the United States boosted the demand outlook for heating.
After a final push last week, a fresh resistance level was reached but not breached. At the resistance level a correction wave started, and this might have enough momentum to reach a previous weekly support level. If the level is reached and holds, a long opportunity might ensue.
The 4-hour chart is busy with a down trend as the daily trend correction wave plays out. The 4-hour 100 Exponential Moving Average (EMA) as well as the Moving Average Convergence Divergence (MACD) are still in bullish mode and the 100 EMA confirms the possible support level around 2.874 as indicated by the weekly support level.
If the price reaches the 2.874 level then a long opportunity becomes possible.
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Attaching a modified Fibonacci tool to the trigger level at 2.987 and dragging it to the below daily support level at 2.729, three possible targets can be established:
If the price at 2.729 is broken, this scenario is no longer applicable.
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