Natural Gas (NG1!) H4 | Potential Bullish Bounce off 61.8% Fibonacci Support
Natural Gas (NG1!) H4 | Potential Bullish Bounce off 61.8% Fibonacci Support
Type:
Bullish Bounce
Key Levels:
Resistance: 2.27
Pivot: 2.04
Support: 1.88
Preferred Case:
Looking at the H4 chart, my overall bias for Natural Gas futures (NG1!) is bullish due to the presence of a bullish Ichimoku Cloud and the pullback support at the 61.8% Fibonacci retracement level. The price could pull back toward the pivot and bounce off this level to rise toward the 1st Resistance at 2.27.
Alternative Scenario:
Price may break below the pivot at 2.04 and fall towards the 1st Support level at 1.88.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.