Type:
Bullish Bounce
Key Levels:
Resistance: 375
Pivot: 330.1
Support: 309.6
Preferred Case:
On the H4 , price is near pivot level of 330.1 in line with 50% Fibonacci retracement and 127.2% Fibonacci projection. Price can potentially go to the 1st resistance level of 375.0 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may dip to the 1st support level of 309.6 in line with 78.6% Fibonacci retracement
Fundamentals:
The world is waiting to see if US and her allies will put forth sanctions on Russia energy sector. Natural gas prices will continue to move in a range till additional confirmation of further sanctions
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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.