Categories: Technical analysis

Natural Gas Wave Analysis – 23 August, 2019

  • Natural Gas reversed from resistance area
  • Further losses are likely

Natural Gas recently reversed down from the resistance area zone between the pivotal resistance level 2.200 (former strong support from June), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse (1) from July.

This resistance area was further strengthened by the upper resistance trendline of the daily down channel from 2018.

Natural Gas is expected to fall further in the active impulse wave (3) and retest the next support level 2.020 (low of wave (1)).

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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The FxPro Tech Analysis Team
Tags: NTGUSD

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