Natural Gas Futures (QG1!),H4 Potential for Bullish Continuation
Type : Bullish Rise
Resistance : 10.695
Pivot: 10.005
Support : 9.050
Preferred Case: On the H4, with the price moving within the ascending trendline and above the ichimoku cloud , we have a bullish bias that the price may rise from the pivot at 10.005, which is in line with the 61.8% fibonacci projection to the 1st resistance at 10.695, where the 78.6% fibonacci projection is.
Alternative scenario: Alternatively, price could drop to the 1st support at 9.050, where the 38.2% fibonacci retracement is.
Fundamentals: Gazprom , Russia’s state-backed gas monopoly said on last Friday that it was planning maintenance on the Nord Stream 1 pipeline to Germany early next month, which further impact the supply of gas.
Resistance : 10.695
Pivot: 10.005
Support : 9.050
Preferred Case: On the H4, with the price moving within the ascending trendline and above the ichimoku cloud , we have a bullish bias that the price may rise from the pivot at 10.005, which is in line with the 61.8% fibonacci projection to the 1st resistance at 10.695, where the 78.6% fibonacci projection is.
Alternative scenario: Alternatively, price could drop to the 1st support at 9.050, where the 38.2% fibonacci retracement is.
Fundamentals: Gazprom , Russia’s state-backed gas monopoly said on last Friday that it was planning maintenance on the Nord Stream 1 pipeline to Germany early next month, which further impact the supply of gas.
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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