Natural Gases Futures (NG!), H4 Potential for dip!
Type: Bearish drop
Resistance : 372
Pivot: 363.9
Support : 332
Preferred case: We see the potential for a further bearish drop from our Pivot at 363.9 in line swing high resistance towards our 1st support at 332 in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement. Our bearish bias is further supported prices trading below our ichimoku clouds.
Alternative scenario: If prices were to reverse, they can potentially climb towards our 1st resistance at 372 which is in line with 100% Fibonacci projection
Fundamentals: Warmer weather conditions and renewable energy sources might mean temporary setback on the commodities
Resistance : 372
Pivot: 363.9
Support : 332
Preferred case: We see the potential for a further bearish drop from our Pivot at 363.9 in line swing high resistance towards our 1st support at 332 in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement. Our bearish bias is further supported prices trading below our ichimoku clouds.
Alternative scenario: If prices were to reverse, they can potentially climb towards our 1st resistance at 372 which is in line with 100% Fibonacci projection
Fundamentals: Warmer weather conditions and renewable energy sources might mean temporary setback on the commodities