Natural gas Wave Analysis – 17 May, 2022

• Natural gas reversed from support level 6.500
• Likely to rise to 9.000

Natural gas recently reversed up from the strong support level 6.500, coinciding with the 20-day moving average and the 50% Fibonacci correction of the upward impulse wave (3) from February.

The support zone near the support level 6.500 was further strengthened by the upper trendline of the recently broken up channel from January.

Given the clear daily uptrend – Natural gas can be expected to rise in the active impulse wave (5) toward the next resistance level 9.000 (top of the previous wave (3)).