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Natural gas reverses down from 3.400 resistance

The analysis points to further downside toward the next key support level near 3.000 after the pullback stalled wave iii.

Reported · Written up by our desk · Energy

Natural gas has reversed lower from a resistance zone around 3.400, identified at the intersection of that level and the 50.0% Fibonacci correction level tied to the downward move from January, according to Action Forex.

The outlet says the reversal from this area halted wave iii of the sharp impulse wave C from August, with the 3.400 resistance described as a strong ceiling alongside a clear daily downtrend.

Action Forex expects natural gas to fall further toward the next key support level around 3.000.

Latest closeNat gas $3.135 ▼1.9%

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