Title: E-mini Natural Gas Futures ( QG1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 8.440
Pivot: 7.630
1st Support: 7.035
Preferred Case: On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. The price is forming a shoulder head pattern hence price might drop from the pivot at 7.630, which is in line with the 50% fibonacci retracement and the neckline of the head shoulder pattern to the 1st support at 7.035, where the 100% projection , 161.8% extension sits.
Alternative scenario: Alternatively, the price could rise to the 1st resistance at 8.440, which is in line with the 61.8% fibonacci retracement and 38.2% fibonacci retracement
Fundamentals: No major news.
Type: Bearish Drop
Resistance: 8.440
Pivot: 7.630
1st Support: 7.035
Preferred Case: On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. The price is forming a shoulder head pattern hence price might drop from the pivot at 7.630, which is in line with the 50% fibonacci retracement and the neckline of the head shoulder pattern to the 1st support at 7.035, where the 100% projection , 161.8% extension sits.
Alternative scenario: Alternatively, the price could rise to the 1st resistance at 8.440, which is in line with the 61.8% fibonacci retracement and 38.2% fibonacci retracement
Fundamentals: No major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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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.