• Natural Gas broke resistance area
• Likely to rise to 3.000
Natural Gas previously broke through the resistance area located between the key resistance level 2.800 (top of the previous impulse wave 1 and of the Bearish Engulfing from December as can be seen below) and the 50% Fibonacci correction of the previous medium-term ABC correction (B) from the end of October. The breakout of this resistance area accelerated the active minor impulse wave 3 from the start of January.
Given the strength of the active uptrend – Natural Gas is expected to rise further in the active impulse waves 3 and (C) toward the next round resistance level 3.000 (which reversed the previous wave B in November). Strong support now stands at the support level 2.800.