Categories: Technical analysis

Natural gas Wave Analysis – 21 October, 2022

• Natural gas falling inside impulse wave (c)

• Likely to fall to support level 5.365

Natural gas continues to fall inside the short-term impulse wave (c) which previously broke the support level 6.500 (which stopped wave (i) in September) and the 61.8% Fibonacci correction of the upward price move from January.

The active impulse wave (c) belongs to the ABC correction 2 from the middle of August.

Natural gas can be expected to fall further toward the next support level 5.365 (previous multi-month low from July and the target for the completion of the active impulse wave (c)).

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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