Natural gas Wave Analysis 29 November 2024

– Natural gas reversed from support zone

– Likely to rise to resistance level 3.550

Natural gas recently reversed up from the support zone located between the support level 3.150 (former multi-month high from May, June and October), 20-day moving average and the 50% Fibonacci correction of the upward impulse 1 from the start of November.

The upward reversal from the support level 3.150 stopped the previous minor correction 2 – which belongs to wave (3) from the start of November.

Given the clear daily uptrend, Natural gas can be expected to rise to the next resistance level 3.550 (which stopped the previous sharp impulse wave 1 earlier this month).