• Natural gas reversed from support area
• Likely to rise to resistance level 3.362
Natural gas recently reversed up from the support area lying between the key support level 3.150 (former monthly high from the middle of May), 20-day moving average and the 50% Fibonacci correction of the upward impulse from the end of May. The upward reversal from this support area continues the sharp upward impulse wave (iii) – which belongs to the extended upward impulse sequence (C) from last December.
Given the predominant daily uptrend – Natural gas can be expected to rise further toward the next resistance level 3.362 (which stopped the price earlier this month as well as at the start of last November, as can be seen below).
