Natural gas Wave Analysis – 3 January, 2023

• Natural gas under the bearish pressure

• Likely to fall to support level 3.630

Natural gas under the bearish pressure after the earlier breakout of the support trendline of the wide down channel from the middle of September.

The breakout of this down channel accelerated the impulse wave 3 of the higher order intermediate impulse wave (C) from the end of November.

Given the clear daily downtrend, Natural gas can be expected to fall further toward the next support level 3.630 (previous strong support from December of 2021 and January of 2022).