E-mini Natural Gas Futures ( QG1! ), H4 Potential for Bullish Rise
Type:
Bullish Bounce
Key Levels:
Resistance: 9.060
Pivot: 8.125
Support: 7.195
Preferred Case:
On the H4, with prices moving above the ichimoku cloud and in an ascending trend channel, we have a bullish bias that price will rise from the pivot at 8.125 in line with the pullback support, 78.6% fibonacci projection and 61.8% fibonacci retracement to the 1st resistance at 9.060 where the pullback swing highs are.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support level at 7.195 at the overlap support.
Fundamentals:
Due to the proposed strikes in Norway, there are increased fears about inadequate supply, giving us a bullish bias on the price of natural gas .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.