Natural gas Wave Analysis – 8 November, 2022

• Natural gas reversed from resistance area

• Likely to fall to support level 6.0000

Natural gas recently reversed down from the resistance area set between the resistance level 7.285 (former monthly high from October), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from August.

The downward reversal from the resistance level 7.285 created the daily Shooting Star, which stopped the earlier minor impulse wave (iii).

Natural gas can be expected to fall further toward the next round support level 6.0000 (which reversed the price at the start of this month).