Technical analysis

Natural gas Wave Analysis 22 February, 2021

Natural gas Wave Analysis 22 February, 2021

• Natural gas reversed from resistance level 3.300

• Likely to reach support level 2.700

Natural gas under bearish pressure after the price failed to hold the ground above the key resistance level 3.300 (which stopped the previous sharp uptrend in October).

The downward reversal from the resistance level 3.300 created the daily candlestick reversal pattern Bearish Engulfing.

Natural gas can be expected to fall further toward the next support level 2.7000 (low of the previous minor corrections (iv) and (ii)).

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