Natural Gas Wave Analysis – 17 January, 2020
January 17, 2020 @ 15:47 +03:00
- Natural Gas broke multi-month support level 2.078
- Likely to fall to 2.000
Natural Gas recently broke the strong, multi-month support level 2.078 (low of the previous impulse wave (i), which has been reversing the price from last August).
The breakout of the support level 2.078 – if followed by the weekly close below this price level – is likely to strengthen the bearish pressure on this instrument.
Natural Gas is likely to fall further toward the next round support level 2.000 – the breakout of which can lead to further losses toward the support level 1.9500.