Type:
Bearish Reversal
Key Levels:
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
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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.