Categories: Technical analysis

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).

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.

Share
Published by
The FxPro Tech Analysis Team

Recent Posts

EURCAD Wave Analysis 6 September 2024

- EURCAD reversed from pivotal support level 1.4900 - Likely to rise to resistance level…

2 days ago

EURUSD Wave Analysis 6 September 2024

- EURUSD reversed from support level 1.1030 - Likely to rise to resistance level 1.1200…

2 days ago

Further Unwinding of Carry Trade

The unwinding of the carry trade in the FX market continues, with the major safe…

2 days ago

Bitcoin pressured by risk-off mood

Market Picture The pressure on risk assets continues, pushing the crypto market capitalisation back below…

2 days ago

AUDUSD Wave Analysis 5 September 2024

- AUDUSD reversed from support level 0.6700 - Likely to rise to resistance level 0.6800…

2 days ago

Gold Wave Analysis 5 September 2024

- Gold reversed from support level 2475.00 - Likely to rise to resistance level 2535.00…

2 days ago

This website uses cookies