Natural Gas Futures ( QG1! ), H4 Potential for Bearish Trend
Title: E-mini Natural Gas Futures ( QG1! ), H4 Potential for Bearish Trend
Type: Bearish
Resistance: 7.835
Pivot: 6.870
1st Support: 5.285
Preferred Case: On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. Price has pulled back slightly but we're still looking at bearish momentum bring price back down from the pivot at 6.870, which is in line with the 161.8% and 127.2% extension levels to the 1st support at 5.345, where previous swing low sits
Alternative scenario: Alternatively, the price could rise to the 1st resistance at 7.835, which is in line with the overlap resistance
Fundamentals: No major news.
Type: Bearish
Resistance: 7.835
Pivot: 6.870
1st Support: 5.285
Preferred Case: On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. Price has pulled back slightly but we're still looking at bearish momentum bring price back down from the pivot at 6.870, which is in line with the 161.8% and 127.2% extension levels to the 1st support at 5.345, where previous swing low sits
Alternative scenario: Alternatively, the price could rise to the 1st resistance at 7.835, which is in line with the overlap resistance
Fundamentals: No major news.
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