• Natural gas broke support zone
• Likely to fall to support level 2.545
Natural gas continues to fall after the earlier breakout of the support zone lying at the intersection of the multiple support levels – the support level 2.72 (which stopped and reversed the three previous minor corrections iv, (iv) and (a) – as can be seen form the daily Natural gas chart below), support trendline from December and the 50% Fibonacci correction of the previous upward impulse from the end of December. The breakout of this support zone accelerated the active short-term impulse wave (c).
Given the soon end to the heating period across the Europe – Natural gas is likely to fall further toward the next support level 2.545 (top of the previous minor correction (ii) from January and the target for the completion of wave 2).