Technical analysis

Natural gas Wave Analysis – 22 June, 2021

• Natural gas reversed from support zone

• Likely to rise to resistance level 3.363

Natural gas recently reversed up with the daily Hammer from the support zone lying between the pivotal support level 3.145 (former monthly high from May) and the 38.2% Fibonacci correction level of the previous sharp upward impulse from May.

The upward reversal from this support zone continues the active impulse waves (iii) 3 and (C).

Natural gas can then be expected to rise further toward the next resistance level 3.363 (former multi-month high from October of 2020).

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