Natural gas Wave Analysis – 5 May, 2020

• Natural gas broke resistance zone
• Likely to rise to 2.243

Natural gas recently broke the resistance zone located between the round resistance level 2.000 (which has been reversing the price from April) and the 38.2% Fibonacci retracement of the previous downward impulse from November.

The breakout of this resistance area accelerated the active short-term impulse wave (iii) – which belongs to C-wave of the ABC correction (B) from March.

Natural gas is expected to rise further toward the next resistance level 2.243 (monthly high from January).