Technical analysis

Natural Gas broke key resistance level 3.2500

  • Natural Gas broke key resistance level 3.2500
  • Further gains are likely

Natural Gas today broke through the key resistance level 3.2500 (which stopped the previous sharp impulse wave (i) at the start of this month).

The breakout of the resistance level 3.2500 should accelerate the active impulse wave (iii) – which started earlier from the combined support area lying at the intersection of the support level 3.100, upper trendline of the recently broken up channel from July and the 50% Fibonacci correction of the previous sharp upward impulse (i) from September.

Natural Gas is expected to rise further and re-test the next resistance level 3.350 (forecast price for the completion of the active impulse wave C).

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