Natural gas Wave Analysis – 18 August, 2020

• Natural gas broke key resistance level 2.40

• Likely to rise to 2.50

Natural gas recently broke through the key resistance level 2.40 (previous upward target, the last time this price level reversed the price was in the middle of last December)

The breakout of the resistance level 2.40 was preceded by the breakout of the 61.8% Fibonacci correction of the downward impulse wave from the start of last November.

Natural gas is likely to rise further toward the next resistance level 2.500 (target price for the completion of the active minor impulse wave (iii)).