Natural gas futures price seems well to take a decisive move to enter into the breakout zone on March 20th, 2017, which I predicted in my analysis “Natural Gas Seems To Finalize A Directional Move” when the natural gas futures price was trading at $2.902. (Fig. 1)
I dared to go against all odds at a time when a pessimistic approach was clearly visible among the bulls and bears started to raise their voices for the levels of $2.60 and $2.50. On analysis of the movement of natural gas in different time zones, I find that the natural gas futures price has taken a good support at $2.911 to $2.894 and has created a solid base for an uptrend journey. (Fig.1)
On analysis of the natural gas futures price in 1 hour chart, I find a gap up formation on March 20th, 2017 at 10:00:00 (Fig. 2) is enough to confirm its entry in to the breakout zone (Fig.3). The breakout zone has been concluded in the 1 hour chart for the period of March 20th - 24th, 2017. A consolidative presence of natural gas futures price inside this breakout zone during this period will definitely open new avenues for an uptrend in the days ahead.
Disclaimer: This analysis is purely based on the technical observations. I do not have any position in natural gas. One can create position in natural gas at his/her own risk.
