Natural Gas futures price on June 30th, 2017 at 04:35:00 at a long term strong support level at at $3.011 which seems to be evident enough for emergence of a Technical Bounce Zone. Announcement of warm weather seems to support this zone in all manners amid growing volatility.
On analysis of the movement of Natural Gas futures price since the announcement of Natural Gas Inventory on June 29th, 2017, I conclude that a spurt in short covering from this level will enhance the speed of this bounce. A weekly closing above $3.147 today will prove this historical phenomenon. If the natural gas futures price successfully achieves this target today, a gap up opening will be the second target for the Week of July 2nd, 2017. Natural Gas futures price still has the strength to move up against all odds.
Have a nice trading week.
