Natural Gas: A Well Defined Move Before Impending Inventory
Satendra Singh | Apr 19, 2017 11:54AM ET
Natural Gas futures price after moving into a narrow range, what I defined as a ‘Fresh Buying Zone’ in my last analysis, seems to take a directional move before the impending inventory announcement on Thursday.
On analysis of movement of natural gas futures in a weekly defined zone for the week of April 17th, 2017 in 4 Hrs. Chart. I find that the current position of natural gas futures price on April 19th, 2017 at 10:12:00 seems evident enough to define that all the forthcoming moves in the days ahead will be more technically prone rather than being prone to weather related announcements.
Currently, we are going through a time period of the year which is not so cold and not too hot to change demand supply equation. Main focus seems to shift from being weather dependent towards efficacy of growing supply concerns to meet the growing demand during summers for air conditioning.
Fundamentally, I can say that the demand for natural gas may see a decline for sometimes for a short period but will see a good quantum of growing demand ahead during summers. I find that the natural gas futures price will be well according to my defined propositional zones with an uptrend bias but will provide more opportunities to the traders due to growing volatile moves in near future.
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.
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