Natural Gas Futures (NG1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 6.834
Pivot: 6.026
Support : 5.382
Preferred Case: On the H1, with prices moving above the ichimoku cloud and has broken the descending trendline, we have a bullish bias that price will rise from the pivot at 6.026 in line with the overlap support, 61.8% fibonacci projection and 38.2% fibonacci retracement to the 1st resistance at 6.834 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 5.382 in line with the swing low 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.
Resistance : 6.834
Pivot: 6.026
Support : 5.382
Preferred Case: On the H1, with prices moving above the ichimoku cloud and has broken the descending trendline, we have a bullish bias that price will rise from the pivot at 6.026 in line with the overlap support, 61.8% fibonacci projection and 38.2% fibonacci retracement to the 1st resistance at 6.834 where the swing high resistance and 61.8% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 5.382 in line with the swing low 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.