Technical analysis

Natural gas Wave Analysis – 09 August, 2021

• Natural gas reversed from resistance level 4.160

• Likely to fall to support level 3.845

Natural gas recently reversed down from key resistance level 4.160 (previous monthly high from July, which stopped the previous impulse wave (iii)), intersecting with the upper daily Bollinger band.

The downward reversal from this resistance level 4.160 stopped the earlier short-term upward impulse wave (v) from last month.

Given the bearish divergence on the daily Stochastic indicator – Natural gas can be expected to fall further toward the next key support level 3.845 (low of the previous short-term correction (iv) from the end of last month).

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