Type:
Bullish Rise
Key Levels:
Resistance: 8.028
Pivot: 6.844
Support: 6.060
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 6.844 in line with the overlap support, 100% fibonacci projection and 38.2% fibonacci retracement to the 1st resistance at 8.028 where the pullback resistance and 61.8% fibonacci retracement are.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support level at 6.060 in line with the pullback support and 100% fibonacci projection .
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 .
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
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.