Natural Gas Futures (NG1!), H4 Potential Oversold Conditions?
Type:
Bullish Reversal
Key Levels:
Resistance: 2.66
Pivot: 2.47
Support: 2.33
Preferred Case:
Looking at the H4 chart, my overall bias for Natural Gas futures (NG1!) is that it looks oversold as highlighted by the Stochastic Oscillator and the RSI. There is a possibility of this commodity stabilizing around the pivot before potentially staging a minor rebound.
Alternative Scenario:
Price may break below the pivot at 2.47 and fall towards the 1st support level at 2.33.
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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.