Natural Gas Futures (NG1!), H1 Potential for Bullish Rise
Type : Bullish Rise
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.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.