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Natural gas breaks resistance zone, targets 3.100

The analysis says the move accelerated an ABC wave 2 short term impulse, with the next resistance at 3.100.

Reported · Written up by our desk · Major Pairs

Natural gas recently broke a defined resistance area between 2.935, which had reversed wave iv in mid July, and the 50% Fibonacci correction of the July downward impulse, according to Action Forex.

The outlet said the breakout accelerated the active short term impulse wave c of the ABC wave 2 that began in early August, pointing to further upside.

Action Forex expects natural gas to rise to the next resistance level at 3.100, framed as a target for completion of the impulse wave c.

Latest closeNat gas $2.918 ▲5.3%

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