Natural gas Technical Analysis 14 October, 2021

• Natural gas reversed from combined support zone
• Likely to rise to resistance level 6.333

Natural gas recently reversed up sharply from the combined support zone lying between the key support level 5.375 (which stopped the previous minor correction (a) at the end of September), support trendline of the daily up channel from the August and the 38.2% Fibonacci correction of the previous sharp upward impulse from August. The upward reversal form this support zone started the active impulse wave 5.

Given the strong multi-month uptrend that can be seen on the daily charts, Natural gas can be expected to rise further toward the next resistance level 6.333 (which stopped the previous waves 3 and (b)).

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