Natural gas Wave Analysis 20 May 2024

– Natural gas rising inside impulse waves 3 and (1)

– Likely to reach resistance level 3.000

Natural gas continues to rise sharply after recently breaking the resistance level 2.600 intersecting with the 50% Fibonacci correction of the downtrend from last October.

The breakout of these resistance levels accelerated the active impulse waves 3 and (1).

Given the strength of the active impulse wave 1, Natural gas can be expected to rise further to the next round resistance level 3.000 (former monthly high from Januarys).