E-mini Natural Gas Futures (QG1!)
Title: E-mini Natural Gas Futures ( QG1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 8.440
Pivot: 7.630
1st Support: 7.035
Preferred Case: On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. The price is forming a shoulder head pattern hence price might drop from the pivot at 7.630, which is in line with the 50% fibonacci retracement and the neckline of the head shoulder pattern to the 1st support at 7.035, where the 100% projection , 161.8% extension sits.
Alternative scenario: Alternatively, the price could rise to the 1st resistance at 8.440, which is in line with the 61.8% fibonacci retracement and 38.2% fibonacci retracement
Fundamentals: No major news.
Type: Bearish Drop
Resistance: 8.440
Pivot: 7.630
1st Support: 7.035
Preferred Case: On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. The price is forming a shoulder head pattern hence price might drop from the pivot at 7.630, which is in line with the 50% fibonacci retracement and the neckline of the head shoulder pattern to the 1st support at 7.035, where the 100% projection , 161.8% extension sits.
Alternative scenario: Alternatively, the price could rise to the 1st resistance at 8.440, which is in line with the 61.8% fibonacci retracement and 38.2% fibonacci retracement
Fundamentals: No major news.
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