Natural gas Technical Analysis Report 20 November, 2020

  • Natural gas reversed from support level 2.650
  • Likely to rise to 2,9000

Natural gas recently reversed up sharply from the pivotal support level 2.650 (which formed the daily Japanese candlesticks reversal pattern Morning Star at the start of October), lower daily Bollinger Band and the 38,2% Fibonacci correction level of the previous sharp upward impulse from the middle of July.  The upward reversal from the support level 2.650 stopped the previous sharp impulse wave 3.

Given the clear daily uptrend and the return of the risk-on sentiment to the global commodity markets   – Natural gas can be expected to rise further toward the next resistance 2,9000 (top of the daily candlesticks reversal pattern Shooting Star from the middle of November).

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