Natural gas Wave Analysis 15 July 2024

– Natural gas broke key support level 2.200

– Likely to fall to support level 2.00

Natural gas recently broke the key support level 2.200, intersecting with the 61.8% Fibonacci correction of the sharp upward impulse from February.

The breakout of the support level 2.200 accelerated the active impulse wave 3 of the sharp downward impulse wave (C) from the end of June.

Given the clear daily downtrend, Natural gas can be expected to fall further to the next round support level 2.00 (former minor support from April).