Natural Gas Wave Analysis – 6 March 2023
March 06, 2023 @ 19:52 +03:00
• Natural Gas reversed from round resistance level 3.0000
• Likely to fall to support level 2.224
Natural Gas recently reversed down from the round resistance level 3.0000 (former support from the start of January).
The resistance level 3.0000 was further strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the previous downward impulse from January.
Given the strong multi-month downtrend, Natural Gas can be expected to fall further to the next support level 2.224 (previous monthly low).