• Natural gas broke resistance zone
• Likely to rise to resistance level 6.5000
Natural gas recently broke the resistance zone located between the key resistance level 5.655 (top of the previous short-term impulse wave 1 from the start of September) and the resistance trendline of the short-term daily up channel from the end of August. The breakout of this resistance zone accelerated the active impulse wave 3 of the intermediate upward impulse sequence (5) from the middle of August.
Given the strong multi-month uptrend and rising expectation for the economic recovery /oil demand in developed nations, Natural gas can be expected to rise further toward the next resistance level 6.5000 (target price for the completion of the active impulse wave (5)).