Categories: Technical analysis

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).

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.

Share
Published by
The FxPro Tech Analysis Team

Recent Posts

Bitcoin can’t accelerate but won’t give up trying 

Market picture  The crypto market capitalisation fell by 1.7% in 24 hours to $2.29 trillion,…

5 hours ago

USDJPY Wave Analysis 6 May 2024

- USDJPY reversed from support zone - Likely to rise to resistance level 155.65 USDJPY…

20 hours ago

Gold Wave Analysis 6 May 2024

- Gold reversed from support zone - Likely to rise to resistance level 2400.00 Gold…

20 hours ago

Oil Bounces Locally, Global Support 5% below Spot Price

The number of operating oil rigs in the US fell by 7 to 499. This…

24 hours ago

Crypto Market Tries to Break Local Downtrend

Market picture  Crypto market capitalisation has been up 2% over the past seven days and…

1 day ago

Adobe Wave Analysis 3 May 2024

- Adobe reversed from support zone - Likely to rise to resistance level 500.00 Adobe…

4 days ago

This website uses cookies