• Natural gas reversed from support area
• Likely to rise to resistance level 4,80
Natural gas recently reversed up from the support area located between the key support level 4,200 (former resistance level which stopped the previous sharp upward impulse wave (1) at the start of August) and the 38,2% Fibonacci correction of the previous upward impulse wave 1 from the middle of August. The upward reversal from this support area started the active short-term impulse wave 3.
Given the strong multi-month uptrend, Natural gas can be expected to rise further toward the next resistance level 4.495 (top of the previous minor impulse wave 1) – the breakout of which should lead to further gains toward 4,80 (target price for the completion of the active impulse wave (3)).