Elliott Wave Analysis: Natural Gas Is Breaking Bullish Triangle

Hello traders and investors!

Today we want to share Natural gas chart, in which we see pretty nice and clean bullish development.

As you can see Natural gas is up since 2020 lows and looks like it's still unfolding five waves up from the lows. From Elliott Wave perspective, we are currently tracking big bullish triangle pattern in wave (4), which looks to be completed with recent breakout above upper triangle line. So, if we are on the right path, then Natgas can be on the way even higher, ideally towards 7 area for wave (5), where we see important Fibonacci cluster target zone.

From technical perspective, as long as the price is above strong daily black trendline connected from 2020 lows and above 4.0 level, we can expect a bullish continuation at least towards 7.0 area.

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Yorum:

Natural gas is nicely rising as expected and there's room even up to 7.0 area, just be aware of short-term pullbacks.