Natural Gas Wave Analysis – 19 October , 2018
October 19, 2018 @ 16:04 +03:00
- Natural Gas reversed from resistance area
- Further losses are likely
Natural Gas recently reversed down from the resistance area lying between the resistance level 3.330 (which reversed the previous impulse wave (i)) and the upper daily Bollinger Band.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing (highlighted below).
Natural Gas is expected to fall further and re-test the next pivotal support level 3.100 (low of the previous short-term correction (iv) from the start of this month).