Natural gas Wave Analysis – 9 December, 2022

• Natural gas reversed from strong support level 5.350

• Likely to rise to resistance level 6.5000

Natural gas recently reversed up from the strong support level 5.350 (which has been repeatedly reversing the price from the start of July) – intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 5.350 created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which started the active minor correction 2.

Natural gas can be expected to rise further toward the next resistance level 6.5000 (former strong support from the middle of November).