Natural gas Technical Analysis 12 October, 2021

• Natural gas broke support zone
• Likely to fall to support level 5.000

Natural gas recently broke the support zone lying between the key support level 5.4 (previous correction low from the end of September), support trendline of the daily up channel from August and 38.2% Fibonacci correction of the previous upward impulse from August. The breakout of this support zone accelerated the active short-term corrective wave 4.

Given the strongly bearish sentiment seen across the commodities markets today, Natural gas can be expected to fall further toward the next round support level 5.000 (target price for the completion of the active corrective wave 4).

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