E-mini Natural Gas Futures (QG1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 9.250
Pivot: 8.945
Support : 8.495
Preferred Case: On the H4, with the Stoch is over 80 and the price dropping from the 1st resistance, we have a bearish bias that the price may drop from the pivot at 8.945, which is in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 8.460, which is in line with the 50% fibonacci retracement and overlap support.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 9.255 where the pullback resistance is.
Fundamentals: No major news.
Resistance : 9.250
Pivot: 8.945
Support : 8.495
Preferred Case: On the H4, with the Stoch is over 80 and the price dropping from the 1st resistance, we have a bearish bias that the price may drop from the pivot at 8.945, which is in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 8.460, which is in line with the 50% fibonacci retracement and overlap support.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 9.255 where the pullback resistance is.
Fundamentals: No major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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