Natural Gas Wave Analysis – 21 February, 2020

Natural Gas reversed from resistance area
Likely to fall to 1.7530

Natural Gas recently reversed down sharply from the resistance area lying between the round resistance level 2.000, upper daily Bollinger Band and the 50% Fibonacci retracement of the previous sharp downward impulse from January.

The downward reversal from this resistance area created the daily reversal pattern Evening Star – which started the active impulse wave (v).

Natural Gas is likely to fall further toward the next support level 1.7530 (low of the previous wave (b) from the start of February).

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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