Type:
Bullish Rise
Key Levels:
Resistance: 6.834
Pivot: 6.026
Support: 5.382
Preferred Case:
On the H1, with prices moving above the ichimoku cloud and has broken the descending trendline, we have a bullish bias that price will rise from the pivot at 6.026 in line with the overlap support, 61.8% fibonacci projection and 38.2% fibonacci retracement to the 1st resistance at 6.834 where the swing high resistance and 61.8% fibonacci projection are.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support level at 5.382 in line with the swing low 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.