Technical analysis

Natural gas Wave Analysis 20 May, 2021

• Natural gas reversed from support level 3.156

• Likely to fall to support level 2.900

Natural gas recently reversed down from the resistance level 3.156 (former resistance from November) – standing well above the upper daily Bollinger Band.

The resistance zone near the resistance level 0.7845 was strengthened by the resistance trendline of the daily up channel from April.

Having just broken this up channel – Natural gas is likely to fall further toward the next support level 2.900 (former monthly high from March).

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