Categories: Technical analysis

Natural gas Wave Analysis – 14 October, 2021

• Natural gas reversed from support zone

• Likely to rise to resistance level 6.3

Natural gas recently reversed up from the support zone lying between the key support level 5.40 (low of the previous wave (a)), 20-day moving average and the 61.8% Fibonacci correction of the upward impulse from September.

The upward reversal from this support zone started the active minor impulse wave 5 – which is a part of the higher-order upward impulse sequence (5) from July.

Natural gas can be expected to rise further toward the next resistance level 6.3 (which stopped the previous waves 3 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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