NATGAS
Let’s start today’s analysis with the Natgas. Looking at the H4 interval, one can see that the price of this commodity bounced off the key support area at 4,80 several times. According to classic technical analysis, as long as the price sits above the aforementioned support zone, one could expect the price to continue to rise. In such a scenario, the nearest resistance lies at 5,46, where one can find an upper limit of local 1:1 structure. On the other hand, in case a break below the 4,80 area occurs, the next potential support can be found around the zone between 4.45 and 4.20, which is marked with previous price reactions.
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Natgas H4 interval. Source: xStation5
US100
Next, let’s move to the US tech index - Nasdaq100 (US100). Looking at the H4 interval, one can see that the index has been trading in an upward trend recently. Despite the recent downward correction, the market bulls regained control. The price shortly dropped below the lower limit of 1:1 structure and then quickly rebounded, which is a bullish sign. According to the Overbalance methodology, as long as the price sits above the round 16,00 pts handle, the continuation of an upward move is the base case scenario. Only a break below this level may herald a bigger downward correction.
US100 H4 interval. Source: xStation5
DE30
Last but not least, let’s take a look at the German index - DAX (DE30). Looking at the daily time frame, one can see that the index has been trading in an upward trend for a long time. Upward momentum slowed when the index reached the 16,000 pts round level, nevertheless the price broke above the local consolidation range and DE30 painted fresh all time high. According to the classic of technical analysis, as long as the price sits above the aforementioned 16,000 pts support, one should expect the continuation of an upward trend. The nearest resistance can be found at 16,345 pts and is marked with the 127,2% Fibonacci exterior retracement.
DE30 D1 interval. Source: xStation5
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