Natural Gas Wave Analysis – 07 May, 2019
May 07, 2019 @ 18:41 +03:00
- Natural Gas reversed from support area
- Further gains are likely
Natural Gas recently reversed up from the support area lying between the multi-month support level 2.540 and the lower weekly Bollinger Band.
The upward reversal from this support area stopped the previous medium-term impulse wave (5) from March.
Given the oversold reading on the weekly Stochastic indicator – Natural Gas is expected to rise further and re-test the next resistance level 2.643.