- Natural gas broke support area
- Likely to fall to 2.300
Natural gas continues to fall strongly after the price broke through the support area located between the key support level 2.510 (which stopped the sharp downward impulse wave 1 in last month can be seen below) and the 50% Fibonacci correction level of the previous sharp upward impulse from July. The breakout of this support area accelerated the active short-term impulse wave 3m from the end of November.
Given the strengthening risk-off sentiment seen across the global commodity markets today – Natural gas is expected to fall further in the active impulse waves 3 and (3) toward the next support level 2.300 (61.8% Fibonacci correction of the upward impulse from July)