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The FxPro Analyst Team

FxPro Forex Analysis: Natural Gas (NTG) Wave Analysis – May 30, 2018

• 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).

NTGUSD - Primary Analysis - May-30 1525 PM (1 day)