Natural Gas Wave Analysis – 07 May, 2019

• Natural Gas reversed from support area
• Further gains are likely

Natural Gas recently reversed up from the support area lying between the multi-month  support level 2.540 and the lower weekly Bollinger Band.

The upward reversal from this support area stopped the previous medium-term impulse wave (5) from March.

Given the oversold reading on the weekly Stochastic indicator – Natural Gas is expected to rise further and re-test the next resistance level 2.643.