Natural gas Wave Analysis 21 December 2023

– Natural gas reversed from long-term support level 2.215

– Likely to rise to resistance level 3.0000

Natural gas recently reversed up from the major long-term support level 2.215 (which has been reversing the price from the start of 2021) intersecting lower weekly Bollinger Band.

The upward reversal from the support level 2.215 stopped the previous intermediate ABC correction (2).

Given the strength of the support level 2.215 and the still oversold weekly Stochastic, Natural gas can be expected to rise further to the next resistance level 3.0000.