Categories: Technical analysis

Natural gas Wave Analysis 19 November, 2020

• Natural gas broke pivotal support level 2.655

• Likely to fall to 2.4000

Natural gas recently broke sharply below the pivotal support level 2.655 (which stopped the previous minor corrective wave (b) in the middle of October).

The breakout of the support level 2.655 coincided with the breakout of the 50% Fibonacci correction level of the previous sharp upward impulse from September.

Natural gas is likely to fall in the active impulse wave (C) toward the next support level 2.4000 (which stopped the previous minor correction 4).

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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