Categories: Technical analysis

Natural gas Wave Analysis 21 October, 2020

• Natural gas broke resistance area

• Likely to reach 3.100

Natural gas recently broke above the resistance area located at the intersection of the multi-month resistance level 2.900 and the resistance trendline of the daily up channel from July.                                                

The breakout of this resistance area continues the active impulse wave (iii) of the sharp upward impulse sequence (C) from September.

Natural gas is likely to rise further toward the next resistance level 3.100 – the breakout of which will lead to further gains toward 3.200.

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
Tags: NTGUSD

Recent Posts

Hang Seng meltdown

The Hang Seng Index has fallen 20% from its peak, marking the start of a…

29 mins ago

SP500 quiet correction

The S&P500 reached the 6000 mark but faced resistance due to fatigue and dollar appreciation.…

48 mins ago

The third day of Crypto cooling off

The crypto market has continued to cool down for the third day, with a 1.7%…

3 hours ago

GBPUSD Wave Analysis 14 November 2024

- GBPUSD reversed from strong support level 1.2665 - Likely to rise to resistance level…

18 hours ago

USDCAD Wave Analysis 14 November 2024

- USDCAD broke resistance level 1.3950 - Likely to rise to resistance level 1.4050 USDCAD…

18 hours ago

The dollar has reached range limits

The US dollar has strengthened, reaching the upper boundary of its trading range. The British…

20 hours ago

This website uses cookies