Natural gas futures price fell sharply on Monday, as traders monitored shifting weather forecasts to assess the outlook for spring demand and supply levels. Such changing weather forecasts not only change the complete technical equations but also provide a good chance to traders to gauge the impact of shifting outlooks on spring demand.
On analysis of the movement of natural gas futures price in different time zones, I conclude that the recent fall was only the result of suddenly change in weather reports. On analysis the movement of natural gas futures price in 4 hour chart zone in my last analysis where I constructed some “Expected Propositional Trading Zones”, I find that the price reversal on May 8th, 2017 was sharply accurate from the “Fresh Buy Zone”.
I conclude that the upper move will definitely be confirmed on May 9th, 2017 after one more attempt on entry of natural gas futures price inside the “Fresh Buy Zone” and a second strong bounce from the level of $3.140. Then Bulls will take the command back, once the natural gas futures price sustain above $3.222. Having a look at the position of natural gas futures price movement in the same 4 hr. chart on May 9th, 2017 at 06:55:00 seems to support my conclusion.
Have a nice Trading Time.
