Natural gas Technical Analysis Report 22 December, 2020

  • Natural gas broke daily down channel
  • Likely to rise to 3.000

Natural gas recently continues to rise inside the short-term impulse wave 3 – which previously broke the resistance trendline of the daily down channel from November (which encloses the previous medium-term ABC correction (2)). The active impulse wave 3 belongs to the longer-term upward impulse sequence (3) which started earlier from the powerful support zone surrounding the support level 2.375.

Given the clear daily uptrend and the improvement in the risk sentiment access the global commodity markets seen today –   Natural gas is likely to rise further toward the next round resistance level 3.000 (top of the previous minor corrective wave B from November and the target price for the completion of the active impulse wave 3).


Was this post helpful?