Title: NATURALGAS(NATURALGAS) , H4 bearish reversal
Type: Bearish reversal
Resistance: 432.7
Pivot: 410.9
Support: 374
Preferred case: Price is near pivot level of 410.9 which is also our previous high, Price can potentially reverse to the support level of 374 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is at resistance level.
Alternative scenario: Price continue to rally to resistance level of 432.7 which is also the graphical overlap resistance.
Fundamentals: With the risk of sanctions by western countries on energy produce by Russia. Prices of natural gas may continue its climb. As fundamentals and technicals do not align , there is a risk on factor when looking at NATURALGAS.
Type: Bearish reversal
Resistance: 432.7
Pivot: 410.9
Support: 374
Preferred case: Price is near pivot level of 410.9 which is also our previous high, Price can potentially reverse to the support level of 374 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is supported by the stochastic indicator as it is at resistance level.
Alternative scenario: Price continue to rally to resistance level of 432.7 which is also the graphical overlap resistance.
Fundamentals: With the risk of sanctions by western countries on energy produce by Russia. Prices of natural gas may continue its climb. As fundamentals and technicals do not align , there is a risk on factor when looking at NATURALGAS.