Title: Natural Gas Futures ( NG1! ), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 8.028
Pivot: 7.051
Support : 6.060
Preferred Case: On the H4, with prices moving above the ichimoku cloud and in an ascending trend channel, we have a bullish bias that price will rise from the pivot at 7.051 in line with the pullback support and 38.2% fibonacci retracement to the 1st resistance at 8.028 where the overlap resistance and 61.8% fibonacci retracement are.
Alternative scenario: Alternatively, price may reverse off the pivot and drop to the 1st support level at 6.060 in line with the pullback 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 .
Type : Bullish Rise
Resistance : 8.028
Pivot: 7.051
Support : 6.060
Preferred Case: On the H4, with prices moving above the ichimoku cloud and in an ascending trend channel, we have a bullish bias that price will rise from the pivot at 7.051 in line with the pullback support and 38.2% fibonacci retracement to the 1st resistance at 8.028 where the overlap resistance and 61.8% fibonacci retracement are.
Alternative scenario: Alternatively, price may reverse off the pivot and drop to the 1st support level at 6.060 in line with the pullback 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 .