• Natural Gas reversed from resistance level 3.000
• Further decline are likely
Natural Gas recently reversed down from the resistance zone located between the round resistance level 3.000, upper daily Bollinger Band as well as the 61.8% Fibonacci retracement of the previous sharp downward upward impulse C from January.
The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – which stopped the earlier impulse wave 3.
With the overbought daily Stochastic – Natural Gas is likely to continue to fall toward the next strong support level 2.800 (former powerful resistance level from March and April).