Natural Gas futures price seems to be moving well as I predicted in my last analysis “Natural Gas: Consolidation Before A Constructive Move” in three trading zones with the help of three different chart patterns.
Though, it is a difficult task to predict natural gas futures price movement in 15 Minutes time zone, especially before the impending inventory announcement, and more specifically for the time period, after inventory announcement and the very next day.
On the basis of expected inventory announcement of -61B in comparison to 7B announced last week and the prevailing weather conditions, I have concluded a Decisive Trading Zone for March 9th – 10th 2017 in 15 Minutes Chart on March 8th, 2017 at 23:30:00. I have also constructed a Breakout Zone on the upper side and a Down Trend Zone on the lower side. I find that the movement of natural gas futures price will be too fast on either sides, before and after the announcement of impending inventory on March 9th , 2017 and for March 10th 2017.
On analysis of the natural gas futures price in different time zones since March 6th , 2017 till March 8th, 2017 at 23:30:00, I find that the trend will be up and digest all the profit booking on every up move. A day closing above $2.975 will provide a good strength to this uptrend. I expect a few more gaps to be filled up with gap ups ahead very soon which were created during its downward trend from December 28th , 2016 to March 3rd , 2017.
For the convenience of the readers I have shown the current movement position of natural gas futures price in my previously constructed Trading Zones.
Have A Nice Trading Time.
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.