Type:
Bullish Bounce
Key Levels:
Resistance: 374.3
Pivot: 330.6
Support: 307
Preferred Case:
Price is near pivot level of 330.6 in line with 50% Fibonacci retracement ands 127.2% Fibonacci projection. Price can potentially bouce to the 1st resistance of374.3 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is supported by the Ichimoku cloud indicator
Alternative Scenario:
Price can potentially dip to the 1st support level of 307.0 in line with 78.6% Fibonacci projection.
Fundamentals:
The world is waiting to see if US and her allies will put forth sanctions on Russia energy sector. Natural gas prices will continue to move in a range till additional confirmation of further sanctions
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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.