Natural gas Wave Analysis – 5 May, 2020
May 05, 2020 @ 17:43 +03:00
- 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).