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.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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