• Natural gas reversed from support area
• Likely to rise further
Natural gas recently reversed up from the support area lying between key support level 2.870 (which also reversed the price in May), 200-day moving average, upper trendline of the recently broken up channel from February and the 38.2% Fibonacci correction of the previous upward impulse (i) from the start of May.
The upward reversal from this support area started the active short-term impulse wave (iii) – which belongs to the impulse wave 3 from the start of May.
Natural gas is likely to rise further and re-test the next strong resistance level 2.980 (which has been repeatedly reversing the price from the end of May).