Categories: Technical analysis

Natural gas Wave Analysis – 26 April, 2022

• Natural gas reversed from support zone
• Likely to rise to resistance level 7.50

Natural gas recently reversed up from the powerful support zone located between the pivotal support 6.50 (former multi-month high from October of 2021), 20-day moving average, upper trendline of the daily up channel from January and the 38.2% Fibonacci correction of the upward impulse from February

The upward reversal from this support zone stopped the earlier minor corrective wave 2.

Given the clear daily uptrend – Natural gas can be expected to rise further toward the next resistance level 7.50.

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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