Natural Gas futures price seems to decide its further directional move on the first trading session of the week of June 5th, 2017. Although, the natural gas has taken a good support at $2.988 which is not only a long term strong resistance during an upward move from lower levels but also a good support in a downward move from upper levels. In other words, the level of $2.988 is always being a quite decisive level historically.
On analysis of the movement of natural gas futures price in different time zones in different chart patterns which I have constructed in my last few analyses, I find that forthcoming weather announcement in near time on developments of weather disturbance in the Gulf of Mexico may change every technical and fundamental equation.
Although, the traders have shifted their main focus particularly towards lower production and rising exports. This factor inspires the bulls very much. Secondly, I find the natural gas price in an oversold territory, which is also another encouraging factor for the bulls.
Have a nice trading week.
