Type : Bearish Drop
Resistance : 9.276
Pivot: 8.456
Support : 7.557
Preferred Case: On the H4, as the DIF is crossing the signal line and MACD histograms are shrinking above zero, we have a bearish bias that price may drop from the pivot at 8.456 where the 61.8% fibonacci retracement is to the 1st support at 7.557, which is in line with overlap support and 50% fibonacci retracement .
Alternative scenario: Alternatively, price could rise to 1st resistance at 9.276 where the swing high is.
Fundamentals: Western sanctions against major exporter Russia squeezed an already under-supplied global market causing a surge in crude and natural gas prices. Therefore, from fundamental view, the price of gas is rising, we should take note of this confliction with technical view.
Resistance : 9.276
Pivot: 8.456
Support : 7.557
Preferred Case: On the H4, as the DIF is crossing the signal line and MACD histograms are shrinking above zero, we have a bearish bias that price may drop from the pivot at 8.456 where the 61.8% fibonacci retracement is to the 1st support at 7.557, which is in line with overlap support and 50% fibonacci retracement .
Alternative scenario: Alternatively, price could rise to 1st resistance at 9.276 where the swing high is.
Fundamentals: Western sanctions against major exporter Russia squeezed an already under-supplied global market causing a surge in crude and natural gas prices. Therefore, from fundamental view, the price of gas is rising, we should take note of this confliction with technical view.
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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