• Natural gas reversed from support zone
• Likely to rise to resistance level 4.080
Natural gas recently reversed up from the support zone lying between the key support level 3.50 (which has been reversing the price from the middle of July) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line.
Given the strength of the aforementioned support zone and the improvement in risk sentiment as seen across the commodities markets today – Natural gas can be expected to rise further toward the next resistance level 4.080 (which stopped the previous corrections (a) and 4).