Categories: Technical analysis

Natural gas Wave Analysis 7 December, 2020

• Natural gas broke support level 2.515

• Likely to fall to 2.354

Natural gas continues to fall inside the sharp downward impulse wave (C) – which previously broke the key support level 2.515 (which stopped the (A)-wave in the middle of November).

The breakout of the support level 2.515 was preceded by the breakout of the 50% Fibonacci correction of the upward impulse from September.

Natural gas is expected to fall further toward the next support level 2.354 (monthly low from October) – followed by 2.200.\

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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The FxPro Tech Analysis Team
Tags: NTGUSD

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