Categories: Technical analysis

Natural Gas Wave Analysis – 6 March 2023

• 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).

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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