• Natural Gas reversed from resistance zone
• Further losses are likely
Natural Gas recently reversed down from the resistance zone lying between the major resistance level 3.000 (which has been reversing the price from May) and the upper daily Bollinger Band.
The downward reversal from this resistance zone started the active impulse wave 3 which belongs to the medium-term impulse wave (3) from the middle of June.
Given the bearish divergence on the daily Stochastic indicator – Natural Gas is expected to fall further and retest the next support level 2.900 (low of the previous corrective waved (iv) and (b)).