• Natural gas reversed from support level 2.880
• Likely to rise to resistance level 3.145
Natural gas recently reversed up from the key support level 2.880 (former monthly high from March and the low of the previous minor correction (iv) from the start of April, as can be seen below) – strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse form March. The upward reversal from the support level 2.880 stopped the previous minor impulse wave (a).
Given the improvement in risk sentiment seen across the commodities markets today – Natural gas can be expected to rise further toward the next resistance level 3.145 (which stopped the previous impulse wave (iii) in the middle of May).