Categories: Technical analysis

Natural Gas Wave Analysis – 10 April, 2020

  • Natural Gas reversed from round resistance level 2,000
  • Likely to fall to 1.758

Natural Gas recently reversed down from the round resistance level 2,000, intersecting with the 100-day moving average, upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from November.

This downward reversal created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

Natural Gas is likely to fall further toward the next support level 1.758 (former strong resistance level from the end of March, which stopped waves (a) and (b)).

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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The FxPro Tech Analysis Team
Tags: NTGUSD

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