• Natural gas broke support zone
• Likely to fall to support level 4.000
Natural gas recently broke the support zone lying between the key support level 4.750 (which has been reversing the price from the middle of September), 61.8% Fibonacci correction of the upward impulse from the middle of August and the 100-day moving average. The breakout of this support zone accelerated the active short-term impulse wave 3 – which belongs to the higher order impulse wave (C) from the end of October.
Given the easing sentiment seen across the European gas markets today, Natural gas can be expected to fall further toward the next round support level 4.000 (target price for the completion of the active impulse wave 3).