E-mini Natural Gas Futures ( QG1! ), H4 Potential for Bullish Rise
Type:
Bullish Rise
Key Levels:
Resistance: 9.060
Pivot: 8.115
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 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 in line with the 38.2% fibonacci retracement.
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.